The US dollar has given back recent gains against the Japanese yen currency, with the pair testing back towards its weekly pivot point. USDJPY sellers need to hold price under the 107.70 level to encourage the next bearish leg lower in the pair toward the 106.90 level. Overall, the USDJPY pair remains extremely vulnerable to a deeper decline while trading under the 108.00 resistance level.
The USDJPY pair is only bearish while trading below the 107.70 level, key technical support remains at the 106.90 and 106.60 levels.
The USDJPY pair is bullish while trading above the 107.70 level, key resistance is found at the 108.00 and 108.48 levels.
