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.