USDJPY price met with some fresh supply on Thursday, with bears now eyeing a sustained break weakness back below the key 110.00 psychological mark.
March 28, OctaFX – The US dollar is struggling to find direction against the Japanese yen currency on Thursday, as the risk-sensitive pair trades towards the middle of its weekly.
USDJPY technical analysis
The USDJPY pair still retains a weekly bearish bias while trading below 110.40 level, following last weeks strong decline from 111.68 level. Sellers need to convincingly move price under the 110.00 level in order to accelerate selling pressure.
The USDJPY pair is bearish while trading below the 110.40 level, key support is found at the 109.80 and 109.10 levels.
If the USDJPY pair trades above the 110.40 level, buyers may test towards the 110.90 and 111.20 resistance levels.
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