USDJPY divergence warning
The US dollar has continued to weaken against the Japanese yen currency despite the fact that the greenback is rallying across the board this week. Bearish MACD price divergence may be causing short-term USDJPY buyers to remains cautious. Overall, continued failure above the 108.90 level is likely to result in the USDJPY pair falling towards the 106.00 support level.
The USDJPY pair is only bearish while trading below the 108.90 level, key support is found at the 107.00 and 106.00 levels.
The USDJPY pair is only bullish while trading above the 108.90 level, key resistance is found at the 111.00 and 111.50 levels.