USDJPY 106.00 possible
The US dollar has moved into negative territory for the week against the Japanese yen currency as US stock markets continue to drift lower. Sellers could target the 106.00 support level the pair sustains its bearish breakout below the 106.90 support level. Technical analysis on the lower time frames shows that the USDJPY pair is currently trapped within a large falling wedge pattern.
The USDJPY pair is only bullish while trading above the 106.90 level, key resistance is found at the 107.80 and the 108.00 levels.
If the USDJPY pair trades below the 106.90, sellers may test the 106.00 and 105.50 support levels.