USDJPY RETAINS A BULLISH BIAS ABOVE 107.30

The U.S dollar has pulled back towards key technical support against the Japanese yen, as traders books profits from over-extended levels close to the 108.00 resistance area. The USDJPY pair continues to test demand around the 107.30 level, despite the U.S dollar continuing to advance sharply against other major currencies. Heading into Thursday’s U.S trading session, a host of U.S Federal Reserve members are due to speak, whilst technical traders watch the 107.30 to 107.60 price-range for the pairs next directional move.

• Should the USDJPY pair break back above the 107.60 level, further upside towards the 107.91 and 108.30 levels seems possible.
•  If the USDJPY pair declines back below the 107.30 level, we may see further losses towards the 107.00 and 106.60 support levels.