USDJPY momentum fading
The US dollar is struggling to hold onto recent gains against the Japanese yen currency as the early week bullish momentum starts to fade. USDJPY sellers could target the 106.90 support area if a breakout below the key 107.30 level takes place. At this stage, bulls need to maintain price above the 108.00 resistance level to attract fresh USDJPY technical buying interest.
The USDJPY pair is only bearish while trading below the 108.00 level, key support is found at the 106.90 and 105.50 levels.
The USDJPY pair is only bullish while trading above the 108.00 level, key resistance is found at the 108.40 and 109.00 levels.