USDJPY 108.00 Possible

The US dollar is on the slide against the Japanese yen currency, following more soft CPI inflation data from the Japanese economy this morning. The USDJPY pair could test towards the 108.00 level if a bearish breakout under the 108.45 support level takes place. Overall, an extremely large bearish head and shoulders pattern is close to playing out across the lower time frame.

The USDJPY pair is only bullish while trading above the 109.00 level, key resistance is found at the 109.20 and 109.40 levels.

The USDJPY pair is only bearish while trading below the 109.00 level, key support is found at the 108.45 and 108.00 levels.