USDJPY 108.23 pivot point

The US dollar is still probing close to the 108.00 support level against the Japanese yen, following a bearish weekly price close. The 108.23 level is the key weekly pivot point for the USDJPY pair, with a strong technical rejection from this level likely to accelerate selling. Overall, unless the key pivot point is breached, traders should expect the overall downtrend in the USDJPY pair to continue.

• The USDJPY pair is bullish while trading above the 108.23 level, key technical resistance is found at the 108.45 and 108.60 levels.

• If the USDJPY pair trades below the 108.23 level, key technical support is found at the 107.80 and 107.00 levels.