The US dollar has retraced lower against the Japanese yen currency after the pair found strong technical resistance from just under the 107.50 level. The USDJPY is still expected to trade higher, despite the correction back towards the 107.00 support zone. Lower time frame analysis shows that a breakout in the USDJPY pair above the 107.50 level could result in a rally towards the 108.80 level
The USDJPY pair is only bearish while trading below the 106.80 level, key support is found at the 106.60 and 106.20 levels.
The USDJPY pair is only bullish while trading above the 106.80 level, key resistance is found at the 107.50 and 108.00 levels.
