USDJPY 105.50 support

The US dollar has slipped to a new multi-month low against the Japanese yen currency, following a strong sell-off in the greenback yesterday. The USDJPY pair could fall towards the 105.50 support level if weakness persists below the 106.20 technical area. USDJPY dip-buyers may be looking to buy the pair from current levels in anticipation of a rally back towards the 107.00 area.

• The USDJPY pair is only bearish while trading below the 106.80 level, key support is found at the 106.00 and 105.50 levels. 

• The USDJPY pair is only bullish while trading above the 106.80 level, key resistance is found at the 107.20 and 108.00 levels.