The US dollar remains under pressure against the Japanese yen currency, as the ongoing sell-off in the greenback starts to intensify. Technical analysis on the higher time frames shows that the USDJPY pair could slide towards the 104.80 area before a meaningful recovery takes places. Overall, USDJPY bulls need to start to create higher highs and lower lows to encourage technical buying.
The USDJPY pair is only bullish while trading above the 106.00 level, key resistance is found at the 106.40 and 107.00 levels.
The USDJPY pair is only bearish while trading below the 106.00 level, key support is found at the 105.30 and 104.80 levels.
