The US dollar has staged a strong upside recovery against the Japanese yen currency, with the advance extending towards the 106.00 level. Bullish MACD price divergence is present towards the 106.50 level across the lower time frame and remains a likely bullish target. Overall, sellers may look to fade the recent strong rally in the USDJPY pair if price reaches the 106.50 resistance level.
The USDJPY pair is only bearish while trading below the 104.50 level, key support is found at the 103.00 and 100.50 levels.
The USDJPY pair is only bullish while trading above the 104.50 level, key resistance is found at the 106.00 and 106.50 levels.
