USDJPY Technical Analysis

The USDJPY pair is currently trading near the 110.00 level, with a bearish bias. The pair has been in a downtrend for the past few weeks, and is currently testing the key support level at 109.80. If the pair breaks below this level, it could open the door for further downside towards the next support at 109.50.

On the upside, the pair is facing resistance near the 110.20 level. A break above this level could lead to a retest of the 110.50 resistance level. Overall, the pair is likely to remain under pressure as long as it stays below the 110.50 level.

The MACD indicator is currently in bearish territory, supporting the downside bias in the pair. The RSI indicator is also pointing downwards, further confirming the bearish outlook.

In the short term, traders should keep an eye on the 109.80 support level. A break below this level could trigger a sharp selloff towards the 109.50 level. On the other hand, a break above the 110.20 resistance level could lead to a corrective rally towards the 110.50 level.

In summary, the USDJPY pair is currently trading with a bearish bias, and is likely to remain under pressure as long as it stays below the 110.50 level. Traders should watch the key support and resistance levels for clues about the pair's next move.