The US dollar has staged a bounce from the 105.00 level against the Japanese yen currency after the pair suffered due to the recent sell-off in US stocks. The USDJPY pair is currently trapped within a rising price channel, which is located between the 104.80 and 106.30 levels. The USDJPY pair needs to recover back above its 200-day moving average, around the 105.60 level, to increase technical buying pressure.
The USDJPY pair is only bullish while trading above the 105.60 level, key resistance is found at the 106.00 and 106.30 levels.
The USDJPY pair is only bearish while trading below the 105.60 level, key support is found at the 105.00 and 104.80 levels.
