USDJPY HEAD AND SHOULDERS UNDERWAY
The US dollar is falling towards the 110.00 level against the Japanese yen on Monday after sellers broke the bearish head and shoulders pattern neckline during the Asian session. The USDJPY pair is coming under pressure as traders move into the safety of the Japanese yen currency, amidst concerns about financial contagion from Turkey. Bearish intraday pressure is likely to remain on the USDJPY pair while price trades below the 110.55 level.
The USDJPY pair is bearish while trading below the 110.55 level, key support is now found at the 109.56 and 109.00 levels.
If the USDJPY pair trades above the 110.55 level, buyers could test towards the 110.80 and 111.10 resistance levels.