The US dollar is still probing close to the 108.00 support level against the Japanese yen, following a bearish weekly price close. The 108.23 level is the key weekly pivot point for the USDJPY pair, with a strong technical rejection from this level likely to accelerate selling. Overall, unless the key pivot point is breached, traders should expect the overall downtrend in the USDJPY pair to continue.
The USDJPY pair is bullish while trading above the 108.23 level, key technical resistance is found at the 108.45 and 108.60 levels.
If the USDJPY pair trades below the 108.23 level, key technical support is found at the 107.80 and 107.00 levels.
