USDJPY TRADES BACK TOWARDS NECKLINE SUPPORT
The US dollar has fallen below the 111.00 level against the Japanese yen on Thursday, after US equity markets experienced heavy losses over fears of a slowdown in the Chinese economy. Bearish intraday pressure is placed back on the USDJPY pair while price trades below the 111.00 level. Sellers will look to hold price below the 110.55 level, while buyers need to push the price back above the 111.37 level.
The USDJPY pair is bearish while trading below the 111.00 level, key support is found at the 110.55 and 110.10 levels.
If the USDJPY pair trades above the 111.00 level, key resistance is located at the 111.37 and 112.05 levels.