The US dollar has declined sharply against the Japanese yen currency, following a sharp downside move in the greenback on Bank holiday Monday. The MACD indicator on the one-hour time frame is a warning of a possible drop towards the 109.00 support region. Failure to crack the 110.00 support level and USDJPY bulls could take the pair back towards the 111.00 resistance level.
The USDJPY pair is only bullish while trading above the 110.40 level, key resistance is found at the 110.70 and 111.00 levels.
The USDJPY pair is only bearish while trading below the 110.40 level, key support is found at the 110.00 and 109.00 levels.