USDJPY Critical juncture
The US dollar has recovered above the 105.00 level against the Japanese yen currency, as the up move in the greenback gathers pace. Technical analysis shows that the ongoing bearish trend in the USDJPY pair will be negated if the price reaches the 106.00 level. Traders that are bearish towards the USDJPY pair may look to sell around current levels in anticipation of a major reversal.
The USDJPY pair is only bullish while trading above the 105.20 level, key resistance is found at the 105.80 and 106.00 levels.
The USDJPY pair is only bearish while trading below the 105.20 level, key support is found at the 104.20 and 103.50 levels.