The US dollar has staged a powerful counter-rally against the Japanese yen currency after the pair broke through the 106.20 resistance barrier yesterday. The USDJPY is at risk of falling back towards the 104.80 support level if bulls fail to break through the 107.00 resistance barrier. A higher time frame price close under the 106.00 level should accelerate technical selling towards the USDJPY pair.
The USDJPY pair is only bearish while trading below the 106.00 level, key support is found at the 105.40 and 104.80 levels.
The USDJPY pair is only bullish while trading above the 106.00 level, key resistance is found at the 106.80 and 107.00 levels.
