The US dollar has rallied back towards the 108.00 level against the Japanese yen currency as the greenback continues to gain strength intraday. A sustained breakout above the 108.00 level could encourage USDJPY buyers to test towards the 108.60 resistance area. Traders that are bearish towards the USDJPY may look to sell the pair around current levels in anticipation of further weakness.
The USDJPY pair is only bearish while trading below the 108.00 level, key support is found at the 106.90 and 104.50 levels.
The USDJPY pair is only bullish while trading above the 108.00 level, key resistance is found at the 108.40 and 109.00 levels.
