The US dollar is coming under pressure against the Japanese yen currency after suffering a strong technical rejection from just below the 109.30 level. Failure to breach the 109.30 level is a major short-term setback for the USDJPY pair and could provoke a technical test of the 107.90 level. In the near-term, the 108.25 level is back in focus, with a break under this area likely to trigger heavy technical selling.
The USDJPY pair is only bullish while trading above the 108.60 level, key resistance is found at the 109.00 and 109.30 levels.
The USDJPY pair is only bearish while trading below the 108.60 level, key technical support is found at the 108.25 and 107.90 levels
