The US dollar has fallen below the 108.00 level against the Japanese yen currency as the greenback comes under pressure on an intraday basis. Sellers may test towards the bottom of a large triangle pattern on the daily time frame, which is located around the 106.80 level. USDJPY bulls need to move price above the 108.35 level to shift the short-term bearish bias towards the pair.
The USDJPY pair is only bearish while trading below the 108.35 level, key support is found at the 107.60 and 106.80 levels.
The USDJPY pair is only bullish while trading above the 108.36 level, key resistance is found at the 109.00 and 109.30 levels.
