USDJPY playing the range
The US dollar is consolidating around the 109.40 level against the Japanese yen currency as the pair continues to trade in a narrow price range. USDJPY traders are likely to use any technical pullbacks towards the 109.15 level as a buying opportunity. Traders looking to sell the USDJPY pair may look to sell any upside moves back towards the important 109.70 resistance level.
The USDJPY pair is only bullish while trading above the 109.15 level, key resistance is found at the 109.50 and 109.70 levels.
The USDJPY pair is only bearish while trading below the 109.15 level, key technical support is found at the 109.00 and 108.80 levels.