What factors are weighing heavily on a weakening U.S dollar? What key support level, is the USDJPY pair currently testing? Find out from the 19 January USDJPY Intraday Technical Outlook.
19 January, OctaFX –The U.S dollar has moved lower against the Japanese yen, amidst a weakening U.S dollar index and growing fears of a potential U.S government shutdown. The USDJPY pair is currently testing the key 110.80 support level after intraday buyers failed to hold onto the 111.22 level during Thursday trading.
United States politics is starting to hurt overall U.S dollar sentiment, with many traders becoming cautious that a deal may not be made in time to avoid a U.S government shutdown.
19 January USDJPY Intraday Technical Outlook
- USDJPY is bearish on an intraday basis while price-action trades below the 111.22 level, further downside towards 110.33 and 109.80 remains possible.
- Should the USDJPY pair start to trade above the 111.22 level, further upside towards 111.48 and 111.69 appears likely.
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