The US dollar has started the weak under pressure against the Japanese yen currency, as bearish fundamental and technical factors continue to weigh on the pair. The daily time frame shows that a major technical breakout from a large triangle pattern will take place if the pair falls below the 104.80 level. Any retraces back above the 106.00 level this week in the USDJPY pair may provide a chance for traders to sell the pair from a better entry point.
The USDJPY pair is only bullish while trading above the 106.60 level, key resistance is found at the 106.80 and 107.00 levels.
The USDJPY pair is only bearish while trading below the 106.60 level, key support is found at the 104.80 and 104.00 levels.
