USDJPY 106.00 danger zone
The US dollar has come under pressure against the Japanese yen currency after the pair fell below its 200-day moving average earlier this week. Technical analysis shows that a break below the 106.00 support level would invalidate a large bullish price pattern. The size of the bullish pattern indicates that the USDJPY pair could fall towards the 102.00 level if the 106.00 level is broken.
The USDJPY pair is only bearish while trading below the 108.30 level, key support is found at the 106.50 and 106.00 levels.
The USDJPY pair is only bullish while trading above the 108.30 level, key resistance is found at the 109.80 and 111.00 levels.