The US dollar is struggling to move above the current weekly trading high against the Japanese yen as traders await high-impact US data releases on Thursday. US inflation and GDP data has the potential to move the USDJPY pair back above the 106.00 resistance area. Overall, narrow trading ranges are expected until we see the a breakout the 105.50 to 106.30 areas.
The USDJPY pair is only bullish while trading above the 106.00 level, key technical resistance is found at the 106.40 and 107.00 levels.
The USDJPY pair is bearish while trading below the 106.00 level, key support is found at the 105.50 and 104.50 levels.
