USDJPY 108.40 next key level

The US dollar has staged a minor recovery against the Japanese yen currency as the greenback is strengthen again after last Friday’s heavy decline. Sustained gains above the 108.40 level could see the pair rallying back towards the pivotal 109.00 resistance level. Should we see the USDJPY decline under the 108.40 level the pair is then at risk of declining towards the 107.50 level.

• The USDJPY pair is only bearish while trading below the 109.00 level, key support is found at the 108.40 and 107.50 levels. 

• The USDJPY pair is only bullish while trading above the 109.00 level, key resistance is found at the 109.30 and 109.70 levels.