- USD/JPY is breaking to the downside below the 109.28 level.
- The level to beat for bears is the 109.05 support.
USD/JPY daily chart
USD/JPY is trading off the December highs below the 109.50 level, which was a strong support/ resistance level throughout the year.
USD/JPY four-hour chart
The bulls are losing their grip as the market is trading at its lowest in three-day and breaks below the 109.28 level. The spot is challenging the 50 SMA on the four-hour chart as bears are probably setting their eyes on 109.05 and 108.60 price levels, according to the Technical Confluences Indicator. A recovery could find resistance at the 108.28 level, followed by 109.44 and 109.68.
Additional key levels
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