The US dollar has recovered higher against the Japanese yen currency after briefly falling back towards the 107.00 support area. A sustained breakout below the 106.80 level is needed prompt heavy USDJPY technical selling towards the 105.00 support area. Traders that are bearish towards the USDJPY pair may start to capitulate if the 108.00 level is breached with conviction.
The USDJPY pair is only bearish while trading below the 108.00 level, key support is found at the 106.80 and 105.00 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.
