USDJPY weak correction

The US dollar has staged a technical correction higher against the Japanese yen currency after the greenback received a much-needed boost on Tuesday. The move higher is fairly weak leaving the recent downtrend still in play, with USDJPY bears targetting the 106.40 level. A clear break of the 107.00 to 107.80 price range is now needed for the next USDJPY directional breakout.

• The USDJPY pair is bearish while trading below the 107.80 level, key support remains at the 107.00 and 106.40 levels.

• If the USDJPY pair trades above the 107.80 level, key technical resistance remains at the 108.00 and 108.55 levels.