USDJPY STILL BEARISH BELOW 110.80
The USDJPY pair is currently trading around the 110.40 region, after earlier falling to a new six-week trading low, printing 110.00, as United States political woes and U.S dollar selling intensified.
Technically, the USDJPY pair remains strongly bearish below the 110.80 level, with risks skewed to the downside whilst below this key level. Traders will now look for the release of a number of important U.S. data points in the upcoming U.S session, with personal spending and ISM manufacturing headlining.
Key technical support for the USDJPY is found at the daily pivot point, at 110.30 and the psychological 110 level, which is the current daily and weekly price low.
Below the 110 level, selling pressure should accelerate, with price moving quickly towards the 109.80 and 109.49 levels.
To the upside, the 110.80 level remains the key resistance level determining a change in sentiment towards the USDJPY pair.
Above the 100.80 level, the weekly pivot point is found at 111.15, whilst the new USDJPY monthly pivot point is found at 111.65.