The US dollar is at risk of further losses against the Japanese yen currency, following last Friday’s reversal from the 107.00 resistance zone. Losses towards the 105.60 level are possible if the price continues to trade under the technically important 106.60 level. Traders should note that a bearish breakout from a rising wedge pattern is in play while price trades beneath the 106.60 level.
The USDJPY pair is only bullish while trading above the 106.60 level, key resistance is found at the 106.80 and 107.00 levels.
The USDJPY pair is only bearish while trading below the 106.60 level, key support is found at the 105.60 and 104.80 levels.
