The US dollar is once again testing towards critical support against the Japanese yen currency, following a heavy rejection above the 104.55 level. Technical analysis shows that a bearish head and shoulders pattern is warning of a potential drop towards the 103.00 area. Traders should note that a sustained decline below the 104.00 area is currently required to activate the bearish price pattern.
The USDJPY pair is only bearish while trading below the 104.55 level, key support is found at the 103.50 and 103.10 levels.
The USDJPY pair is only bullish while trading above the 104.55 level, key resistance is found at the 104.70 and 105.00 levels.
