The U.S dollar is consolidating below the 105.00 handle against the Japanese yen, after earlier slumping to its lowest trading level since, November 2016. The USDJPY has so far found intraday support from the 104.64 level, although the pair remains under strong bearish pressure whilst trading below the 105.24 level. Moving into Friday’s U.S session, falling global equity markets and declining U.S Treasury bond-yields are currently weighing on overall U.S dollar sentiment.
The USDJPY pair is likely to see further declines below the 104.60 level, key long-term technical support is found at the 104.00 and 103.60 levels.
Should the USDJPY pair start to trade above the 105.24 level for a sustained basis, buyers may begin to target the 105.50 and 106.00 resistance levels.