The US dollar has staged a major reversal against the Japanese yen currency as traders start to move into riskier asset classes after the bullish Coronavirus vaccine news. The USDJPY pair could surge towards the 108.00 resistance level if the 106.20 resistance level is overcome. Any pullbacks towards the 105.00 level are likely to be seen as a major buying opportunity for USDJPY bulls.
The USDJPY pair is only bearish while trading below the 105.00 level, key support is found at the 104.50 and 104.00 levels.
The USDJPY pair is only bullish while trading above the 105.00 level, key resistance is found at the 106.20 and 107.40 levels.
