USDJPY approaching sell zone
The US dollar has recovered above the 106.00 level against the Japanese yen currency, following a recent strengthening in the US dollar index. Traders that are bearish towards the pair in the short-term may sell the recent recovery back towards the 106.30 resistance area. Technical analysis highlights that the USDJPY pair could decline towards the 10.300 area if a breakout under the 104.80 area takes place.
The USDJPY pair is only bullish while trading above the 106.30 level, key resistance is found at the 106.60 and 107.00 levels.
The USDJPY pair is only bearish while trading below the 106.30 level, key support is found at the 105.40 and 104.80 levels.