USDJPY weakness persists
The US dollar is trading towards the worst levels of the month against the Japanese yen currency, following the recent break under the 107.00 level. Downside risks are growing for the USDJPY pair as global and US economic data points continue to worsen. From a technical perspective, the 105.50 level is a bearish target, however, bears could still target the 104.00 level this month.
The USDJPY pair is only bearish while trading below the 107.00 level, key support is found at the 105.50 and 104.00 levels.
The USDJPY pair is only bullish while trading above the 107.00 level, key resistance is found at the 107.30 and 108.00 levels.