USDJPY 104.50 support
The US dollar has staged a major reversal from the 108.00 level against the Japanese yen after the US Federal Reserve made another emergency interest rate cut and more QE. The USDJPY pair could come under severe technical pressure if price start to close below the 104.50 level. The lower time frames are also showing that bullish MACD price divergence extends towards the 110.00 level.
The USDJPY pair is only bearish while trading below the 104.50 level, key support is found at the 103.00 and 101.50 levels.
The USDJPY pair is only bullish while trading above the 104.50 level, key resistance is found at the 108.00 and 110.00 levels.