USDJPY 106.00 important

The US dollar has fallen to a fresh multi-month low against the Japanese yen this morning, as the greenback comes under intense selling pressure. Technical analysis shows that a powerful counter-rally back towards the 106.00 level may start if bulls can anchor price above the 105.50 level. Lower time frame analysis that a bearish head and shoulders pattern is in play while price trades under the 106.00 level.

• The USDJPY pair is only bearish while trading below the 106.00 level, key support is found at the 105.50 and 104.80 levels. 

• The USDJPY pair is only bullish while trading above the 106.00 level, key resistance is found at the 106.20 and 106.80 levels.