The US dollar remains under selling pressure against the Japanese yen, with weakness in the US dollar index helping to contain price below the 109.00 level. The USDJPY pair currently trades around the 108.70 level, with sellers still using any upside moves towards the 109.00 level as a selling opportunity. Sellers now need continued weakness below 108.63 support level, while buyers need a clean break above the key 109.00 resistance level.
The USDJPY pair remains bearish while trading below the 109.00 level, further downside towards 108.11 and 107.85 remains likely.
If USDJPY buyers can move price above the key 109.00 level, they may be encouraged to test towards the 109.50 and 110.00 resistance levels.
