The U.S dollar continues to trade in narrow-band against the Japanese yen currency, with the pair still retaining an intraday bullish bias while trading above the key 106.00 level. The USDJPY pair moved back towards the 106.40 region, as dip-buying demand remained prevalent from the 106.00 level. The key market moving event for the pair today is the ISM Manufacturing report, with market expectations tilted slightly to the downside.
The USDJPY pair retains a bullish intraday bias whilst price-action holds above the 106.00 level, key resistance is currently found at the 106.45 and 107.00 levels.
Should the USDJPY pair slip below the 106.00 support level for a sustained period, a further decline towards the 105.50 and 105.24 levels remains possible.
