The US dollar is coming under heavy downside pressure against the Japanese yen currency after breaking below the 108.20 support level. Tensions between the United States and Iran are causing the Japanese yen currency to rally against most major currencies. Now that the important 108.20 level has been broken the USDJPY pair could decline towards the 107.10 support level.
The USDJPY pair is only bullish while trading above the 108.20 level, key resistance is found at the 108.70 and 109.00 levels.
The USDJPY pair is only bearish while trading below the 108.20 level, key technical support is found at the 107.50 and 107.10 levels.
