USDJPY risk off
The US dollar is under pressure against the Japanese yen currency, due to an increase in risk-off trading sentiment in early week trading. A bearish breakout from a rising wedge pattern continues to define the short-term trading action and is placing the USDJPY pair under technical pressure. Further losses towards the 105.80 level appear likely while price trades under the 106.60 level.
The USDJPY pair is only bullish while trading above the 106.60 level, key resistance is found at the 106.80 and 107.00 levels.
The USDJPY pair is only bearish while trading below the 106.60 level, key support is found at the 105.80 and 105.30 levels.