USDJPY 107.77 the level to watch
The US dollar is testing back towards the 108.00 level against the Japanese yen as bulls continue to struggle with the 108.20 resistance area. USDJPY sellers may test back towards the pairs weekly pivot point, at 107.77, if sellers hold price below the 108.00 level. The 107.60 level is the main support zone if sellers do start to take back control of the USDJPY below its weekly pivot.
The USDJPY pair is only bearish while trading below the 108.00 level, key support is found at the 107.77 and 107.60 levels.
The USDJPY pair is bullish while trading above the 108.00 level, key technical resistance is found at the 108.23 and 108.37 levels.