The US dollar has slipped sharply lower against the Japanese yen currency, following the resignation of the Japanese Prime Minister. USDJPY bulls now need to defend the 106.00 support level to avoid a drop towards the 105.80, and possibly the 105.30 level. Traders that are bullish towards the USDJPY pair may attempt to buy around current levels in expectation of a rally back towards the 107.00 level.
The USDJPY pair is only bullish while trading above the 106.40 level, key resistance is found at the 106.60 and 107.00 levels.
The USDJPY pair is only bearish while trading below the 106.40 level, key support is found at the 106.00 and 105.80 levels.
