The US dollar continues to probe the 108.40 level against the Japanese yen, with this key technical area so far proving to be formidable resistance for bulls. The USDJPY pair is currently trading with a slightly cautious tone, as traders await the release of important inflation data from the United States economy later today. Buyers face a cluster of technical barriers above the 108.40 level, while sellers need a definitive price close below the 108.10 support region.
The USDJPY pair is only bullish while trading above the 108.40 level, key technical resistance is found at the 108.60 and 108.80 levels.
If the USDJPY pair continues to trade below the 108.40 level, sellers may soon test towards the 108.10 and 107.75 support levels.
