USDJPY awaiting breakout
The US dollar is trapped in a narrow price range against the Japanese yen currency despite increasingly positive trading range. The USDJPY pair is likely to experience increased volatility if price starts to hold above the psychological 108.00 level. If sellers move price under the 107.10 level, then a deep technical pullback towards the 106.20 support region could take place.
The USDJPY pair is only bearish while trading below the 107.10 level, key support is found at the 106.80 and 106.20 levels.
The USDJPY pair is only bullish while trading above the 107.10 level, key resistance is found at the 108.10 and 108.40 levels.