USDJPY bearish pressure building
The US dollar is starting to hold below the 108.00 resistance level against the Japanese yen currency, as bearish short-term pressure builds on the pair. The USDJPY pair could fall back to the 107.40 support level if bulls continue to struggle to take charge of price action. The momentum and MACD indicators are also turning lower, which also suggests that potential drop is coming.
The USDJPY pair is only bullish while trading above the 107.70 level, key resistance is found at the 108.10 and 108.48 levels.
The USDJPY pair is only bearish while trading below the 107.70 level, key technical support remains at the 107.40 and 107.10 levels.