The US dollar has once again been rejected from the 108.00 resistance level against the Japanese yen, despite positive Sino-US trade news this morning. USDJPY sellers need to force the USDJPY pair below the 107.60 level to trigger the next round of technical selling. Bulls need to hold price above the 108.00 level in order to encourage buying towards the 108.35 to 108.40 resistance zone.
The USDJPY pair is only bearish while trading below the 108.00 level, key support is found at the 107.60 and 107.20 levels.
The USDJPY pair is only bullish while trading above the 108.00 level, key technical resistance is found at the 108.30 and 108.45 levels.
