USDJPY Remains Sell on Rallies
The US Dollar declined sharply and moved below the 110.00 support area against the Japanese Yen. The downside move in USD/JPY was initiated with a break below a contracting triangle at 110.35 on the hourly chart.
The pair traded as low as 109.64 and currently correcting higher. However, the upside move is most likely to face sellers near the 110.00 handle (support turned resistance), which also coincides with the 23.6% Fib retracement level of the last decline from the 110.82 high to 109.64 low.
Above 110.00, the 100 hourly simple moving average at 110.40 is the next major hurdle. Overall, selling rallies can be considered in the short term for a move towards 109.50.