USDJPY awaiting reversal
The US dollar has moved towards key weekly support against the Japanese yen currency, with the pair dropping towards the 105.30 area. The USDJPY pair could start a bullish counter-rally towards the 106.80 level if key technical support continues to hold firm. To the downside, a break under the 105.20 support level exposes further losses towards the 104.80 level, at a minimum.
The USDJPY pair is only bearish while trading below the 106.00 level, key support is found at the 105.20 and 104.80 levels.
The USDJPY pair is only bullish while trading above the 106.00 level, key resistance is found at the 106.50 and 106.80 levels.