USDJPY testing support
The US dollar has reversed from the 109.15 level against the Japanese yen currency after sellers repeatedly failed to break through the 109.70 resistance level earlier this week. The USDJPY pair is now testing towards the lower end of its recent price range, around the 109.15 level. Traders that are bullish towards the USD pair may try to buy the pair from current levels in anticipation of another rally.
The USDJPY pair is only bullish while trading above the 109.15 level, key resistance is found at the 109.70 and 110.20 levels.
The USDJPY pair is only bearish while trading below the 109.15 level, key technical support is found at the 108.60 and 108.20 levels.