USDJPY 107.30 support

The US dollar has reversed course against the Japanese yen currency after risk-off trading sentiment came back into the market. The USDJPY pair has found strong resistance from the 108.25 level and could see a round of profit-taking back towards the 107.30 technical area. Overall, the USDJPY pair is also likely to trade cautiously ahead of Wednesday’s FOMC rate decision.

• The USDJPY pair is bullish while trading above the 107.50 level, key resistance is found at the 108.25 and 108.80 levels.

•  The USDJPY pair is only bearish while trading below the 107.50 level, key technical support is found at the 107.30 and 106.90 levels.