The US dollar has fallen to a fresh monthly trading low against the Japanese yen and bounced sharply, as risk-off trading sentiment pauses. The USDJPY pair may test back towards the 107.00 level if bulls can edge price back above the 106.60 resistance area. Technical indicators across the lower time frames are having a much-needed correction from extreme oversold levels.
The USDJPY pair is bearish while trading below the 106.00 level, key support is found at the 105.50 and 105.00 levels.
The USDJPY pair is only bullish while trading below the 106.00 level, key technical resistance is found at the 106.60 and 106.90 levels.
