January 3, OctaFX – The US dollar remains under intense downside pressure against the Japanese yen currency in early Thursday trade, due to a heavy technical sell-off in the pair and increasing fears about a global economic slowdown.
USDJPY Technical Analysis
The USDJPY pair is now trading below the key May 2018 trading low, at 108.10, and is vulnerable to further losses while below this important area. Only a strong move back above the 110.00 resistance level can negate short-term bearish pressures.
- The USDJPY pair is heavily bearish while trading below the 108.10 level, key technical support is now found at the 107.00 and 106.35 levels.
- If USDJPY pair trades above the 108.10 level, a technical correction towards the 108.80 and 110.00 levels remains possible.
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