USDJPY LOWER AFTER FAILED ATTEMPT AT 110.00
The U.S dollar is starting to turn lower against the Japanese yen currency, after a second failed attempt at the psychological 110.00 level. The USDJPY pair currently trades around the 109.70 level, after creating a bearish double-top pattern just below the monthly-high, found at the 110.03 level. Traders now await the release of key U.S Consumer Price Index data, a measure of inflation the U.S FED watch closely.
The USDJPY pair is only bullish while trading above the 109.50 level, further upside towards 110.03 and 110.40 still remains possible.
If the USDJPY pair starts to trade below the 109.50 level, key support is found at the 109.39 and 109.00 levels.