USDJPY technically bearish

The US dollar is starting turn heavily bearish against the Japanese yen currency, following a strong downmove toward the 107.20 level. The USDJPY pair has staged a minor recovery as the US dollar index attempts to find its composure once again. Selling at a more attractive price is currently the main objective, with the 107.80 to 108.00 region the preffered area for fresh bearish attacks.

• The USDJPY pair is bearish while trading below the 108.00 level, key support is found at the 107.20 and 106.80 levels.

• The USDJPY pair is only bullish while trading above the 108.00 level, key technical resistance is found at the 108.23 and 108.45 levels.