The US dollar has fallen to a new weekly low against the Japanese yen currency, following a clear breakout under the 107.00 support area. Technical analysis shows that the decline in the USDJPY pair could heavily accelerate if the 106.00 level is broken. A move under the 106.00 support level will invalidate a large inverted head and shoulders pattern on the lower time frames.
The USDJPY pair is only bearish while trading below the 108.00 level, key support is found at the 106.00 and 105.50 levels.
The USDJPY pair is only bullish while trading above the 108.00 level, key resistance is found at the 109.00 and 110.00 levels.
