USDJPY SELLERS PRESS TOWARDS 106.00 LEVEL

The U.S dollar is retracing mid-week gains against the Japanese yen, as traders look to test overall demand around the pivotal 106.00 technical support level. The move lower from the 107.00 level in the USDJPY pair can be attributed to profit taking, and solid monthly employment data from the Japanese economy earlier this morning. Moving into the U.S trading session, buyers need to defend the 106.00 support level to keep the recent bullish sentiment in place.

• The USDJPY pair retains a bullish bias whilst trading above the 106.00 level, further upside towards 106.45 and 107.00 then seems likely.

• A decline move below the 106.00 level will shift the sentiment surrounding the USDJPY pair to bearish. Key technical support remains at the 105.50 and 105.24 levels.