The US dollar is trading around the pivotal 108.40 level against Japanese yen currency as traders await the United States’ response to the recent Iranian military attack. Should the United States respond with its own military action the USDJPY pair could easily fall towards the 107.50 level. No response from the US military would likely see the USDJPY pair creeping higher towards the 108.90 area.
The USDJPY pair is only bullish while trading above the 108.40 level, key resistance is found at the 108.60 and 108.90 levels.
The USDJPY pair is bearish while trading below the 108.40 level, key technical support is found at the 107.50 and 107.10 levels.
