USDJPY swing level in focus
The US dollar is continuing to recover above the 108.00 support level against the Japanese yen as the greenback strengthens ahead of today’s U.S retail sales report. Bulls are increasingly likely to push the USDJPY towards the pairs key weekly pivot point, at the 108.23 level. Bears may look to enter from the weekly pivot, while buyers may attempt to play a sustained breakout above this key area.
The USDJPY pair is only 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 fails to hold above the 108.23 level, sellers may test back towards the 107.80 and 107.00 levels.