The US dollar is starting to recover higher against the Japanese yen currency after bulls failed to move price below the 106.90 support level. USDJPY bulls may test back towards the 108.00 resistance level now that key weekly technical support held firm. To the downside, a breakout below the 106.90 level could cause the USDJPY pair to fall sharply and target the 104.50 technical area.
The USDJPY pair is only bearish while trading below the 108.00 level, key support is found at the 106.90 and 104.50 levels.
The USDJPY pair is only bullish while trading above the 108.00 level, key resistance is found at the 108.40 and 109.00 levels.
