The US dollar
has come under renewed downside pressure against the Japanese yen
on Monday, following bearish
comments surrounding Sino-US trade talks from President Trump. The USDJPY
pair has a strong bearish
intraday bias while trading below the 110.90 level and may target the 110.00 level. Traders should be aware that the large inverted head and shoulders
pattern on the four-hour time frame still remains valid.
pair is heavily bearish
while trading below the 110.90, key intraday support is found at the 110.40 and 110.00 levels.
If the USDJPY
pair trades above the 110.90 level, key intraday resistance remains at the 111.30 and 111.60 levels.