USDJPY back to pivot
The US dollar continues to recover higher against the Japanese yen currency as the pair move back towards the pivotal 107.70 level. The rebound from the 106.90 level has been fairly rapid and suggests that the USDJPY pair could still probe above the 108.00 level over the medium-term. Overall, bulls have the upper hand as long as the USDJPY pair trades above the 107.70 level.
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 107.00 level, key technical support remains at the 106.90 and 106.50 levels.