USDJPY STILL BEARISH BELOW 105.24 LEVEL
The U.S dollar continues to suffer from risk-off trading sentiment against the Japanese yen, as U.S trade tariffs on China pressure global stocks and the greenback lower. The USDJPY pair finished the previous trading week at a sixteen-month trading low, with price-action closing firmly below the key 105.24 support level. Downside pressures on the pair are likely to remain, as financial markets await China’s retaliation to the latest round of U.S trade tariffs.
The USDJPY pair is bearish while trading below the 105.24 support level, further selling towards 104.00 and 103.60 remains possible.
If the USDJPY pair can maintain price-action above the 105.24 level, a correction towards the 105.50 and 106.00 level cannot be ruled out.