USDJPY Reversal still possible
The US dollar is continuing to hold above the 105.00 level against the Japanese yen currency, as the pair searches for its next major directional bias. Technical analysis shows that a weekly price close above the 105.80 level should encourage strong buying. To the downside, a weekly close under the 105.00 level should prompt traders to attack towards the 104.00 level.
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 104.50 and 104.20 levels.