USDJPY weakness expected
The US dollar continues to drift lower against the Japanese yen currency on Monday, as the recent upside momentum starts to fade. Continued weakness below the 108.80 level should prompt a decline back towards at least the 107.90 support area. USDJPY buyers need to move price above the 109.00 resistance level to encourage a technical breakout above the 109.30 level.
The USDJPY pair is only bullish while trading above the 108.80 level, key resistance is found at the 109.00 and 109.30 levels.
The USDJPY pair is only bearish while trading below the 108.80 level, key technical support remains at the 107.90 and 106.90 levels