USDJPY attempting to recover above 108.10
The US dollar is attempting to recover short-term bullish momentum against the Japanese yen currency on Friday, after breaking above the important 108.10 resistance level. Technical indicators for the USDJPY pair are extremely oversold, highlighting that further short-term gains still remain possible. A sustained decline below the 108.10 level will likely place the emphasis back on the 107.00 support region.
The USDJPY pair is only bearish while trading below the 108.10 level, key technical support is found at the 107.00 and 106.45 levels.
If USDJPY pair holds above the 108.10 level, a further correction towards the 108.80 and 110.00 levels remains possible.