USDJPY sell the rally

The US dollar is starting to test towards the 106.00 level against the Japanese yen currency, following a shift technical rejection from the 107.00 level. Any moves back towards the 107.00 level are likely to face another wave of heavy USDJPY technical selling. Overall, the short and medium-term trend remains bearish while price trades below the important 107.00 resistance level.

• The USDJPY pair is heavily bearish while trading below the 107.00 level, key support is found at the 105.40 and 105.00 levels.

• The USDJPY pair is only bullish while trading below the 107.00 level, key technical resistance is found at the 107.20 and 107.40 levels.