USDJPY 108.90 now key

The US dollar has turned bearish against the Japanese yen currency after breaking below the technically important 110.00 level. A bearish breakout from a rising price channel has now taken place and could see the USDJPY pair falling towards the 107.50 level. Near-term strength above the 108.90 level could provoke an important technical retest of the psychological 110.00 level.

• The USDJPY pair is only bearish while trading below the 110.00 level, key support is found at the 108.90 and 107.50 levels. 

• The USDJPY pair is only bullish while trading above the 110.00 level, key resistance is found at the 110.90 and 111.55 levels.