USDJPY HEAD AND SHOULDERS UNDERWAY

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.