USDJPY STILL BEARISH BELOW 111.00 LEVEL
The US dollar remains under pressure against the Japanese yen on Monday after the Chinese economy posted weaker than expected Manufacturing PMI data. The USDJPY pair is likely to remain under pressure while trading below key trendline resistance, located at the 111.00 level. A bearish head and shoulders pattern may also be forming across the four-hour time frame.
The USDJPY pair is only bullish while trading above the 111.00 level, key resistance is found at the 111.39 and 111.80 levels.
If the USDJPY pair continues to trade below 111.00 level, sellers may test towards the 110.65 and 110.40 support levels.