The US dollar has started to correct lower against the Japanese yen currency after the pair briefly moved above the 109.00 level this morning. The MACD indicator is showing that bearish price divergence has formed during the recent run higher, which extends down towards the 108.00 support level. Traders should note that key trendline support for the USDJPY pair is found around the 108.70 level.
The USDJPY pair is only bullish while trading above the 108.70 level, key resistance is found at the 109.00 and 109.30 levels.
The USDJPY pair is only bearish while trading below the 108.70 level, key support is found at the 108.00 and 107.30 levels.
