USDJPY breakout required
The US dollar is trading in a tight range against the Japanese yen currency as traders await the next major directional move in the pair. Technical analysis shows that a decline in the USDJPY pair below the 106.00 level could cause a drop towards the 103.00 area. A move above the 108.00 resistance level is required to encourage the next upside push towards the 110.00 level.
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.