The US dollar is testing towards its key 200-day moving average against the Japanese yen currency, as the recent recovery from the 104.40 area gains traction. The 200-day moving average is a key technical metric which decides when a trading instrument is in a bullish or bearish trend. Failure to hold the price above the 200-day moving average could cause a rejection towards key support from the Ichimoku indicator, around the 105.00 area.
The USDJPY pair is only bullish while trading above the 105.00 level, key resistance is found at the 105.55 and 106.00 levels.
The USDJPY pair is only bearish while trading below the 105.00 level, key support is found at the 104.80 and 104.60 levels.
