The US dollar is under heavy downside pressure against the Japanese yen currency, following a big move lower in Japanese stock. A break under the neckline of a large head and shoulders pattern has taken place, following the recent decline under the 108.35 level. Any sudden moves back to neckline resistance, around the 108.35 level, may be seen as a selling opportunity by USDJPY bears.
The USDJPY pair is only bullish while trading above the 108.35 level, key resistance is found at the 108.90 and 109.10 levels.
The USDJPY pair is only bearish while trading below the 108.35 level, key support is found at the 107.50 and 106.50 levels.
