USDJPY 108.40 key level to watch
The US dollar has staged a recovery against the Japanese yen currency after sellers break key medium-term technical support. The USDJPY pair could rally back towards the 110.00 resistance area if buyers move price above the 109.00 level. Looking at the downside potential for the USDJPY pair, a sustained breakout under the 108.40 level could trigger selling towards the 107.50 area.
The USDJPY pair is only bullish while trading above the 109.00 level, key resistance is found at the 109.70 and 110.00 levels.
The USDJPY pair is only bearish while trading below the 109.00 level, key technical support is found at the 108.40 and 107.50 levels.