The US dollar is starting to press towards the 108.00 level against the Japanese yen currency as short-term bullish momentum continues to build. USDJPY bulls could target the 108.60 resistance area if a breakout above the 108.00 level takes place. Failure to move price above the 108.00 resistance level could result in sellers moving the USDJPY pair back towards the 106.90 level.
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.
