28 May, OctaFX – The US dollar continues to trade to the downside against the Japanese yen, with the pair confined to the bottom-end of its recent trading-range in thin market trading conditions.
USDJPY Still under pressure
The USDJPY pair currently trades around the 109.40 level, with selling pressure still building while price trades below the key 110.00 level. .
Traders, however, are likely to wait for a decisive break below the mentioned support before positioning for any further near-term downside amid holiday-thinned liquidity conditions and ahead of this week’s important release of the keenly watched US monthly jobs report (NFP).
28 May USDJPY Technical Analysis
- The USDJPY pair remains bearish while trading below the 110.00 level, further losses towards 109.31 and 109.00 remains possible.
- If USDJPY buyers can move the pair back above 110.00 level, we may see a correction back towards 110.33 and 111.00 levels.
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