USDJPY muted action
The US dollar has started the new trading week fairly subdued against the Japanese yen currency, following another false technical breakout above the 108.45 resistance. A range break is now needed for 108.10 to 108.45 price range for clarity on the pairs intraday direction. FED Chair Jerome Powell’s comments this week are also likely to be another major driving force for the USDJPY pair.
The USDJPY pair is only bullish while trading above the 107.45 level, key technical resistance is found at the 108.60 and 108.80 levels.
If the USDJPY pair trades below the 108.10 level, key technical support is found at the 107.80 and 107.30 levels.