USDJPY new low

The US dollar has fallen to a new weekly low against the Japanese yen currency, following a clear breakout under the 107.00 support area. Technical analysis shows that the decline in the USDJPY pair could heavily accelerate if the 106.00 level is broken. A move under the 106.00 support level will invalidate a large inverted head and shoulders pattern on the lower time frames.

• The USDJPY pair is only bearish while trading below the 108.00 level, key support is found at the 106.00 and 105.50 levels. 

• The USDJPY pair is only bullish while trading above the 108.00 level, key resistance is found at the 109.00 and 110.00 levels.