USDJPY 108.20 possible
The US dollar is on the defensive against the Japanese yen currency as market sentiment remains cautious in early week trade. The USDJPY pair has found strong technical resistance from the 109.50 level and could experience a deeper pullback towards the 108.20 level. Overall, continued weakness below the 108.90 support level could prompt the start of the bearish technical correction.
The USDJPY pair is only bullish while trading above the 108.90 level, key resistance is found at the 109.20 and 109.60 levels.
The USDJPY pair is only bearish while trading below the 108.90 level, key technical support is found at the 108.60 and 108.20 levels