USDJPY Breaking down
The US dollar is back under downside pressure against the Japanese yen currency, after suffering a heavy technical rejection above the 106.00 level. Technical analysis shows that a bearish breakout has taken place from a bearish rising wedge pattern. Sustained weakness below the 105.80 level is likely to prompt further USDJPY selling towards the 104.55 technical support region.
The USDJPY pair is only bearish while trading below the 105.80 level, key support is found at the 105.00 and 104.55 levels.
The USDJPY pair is only bullish while trading above the 105.80 level, key resistance is found at the 106.00 and 106.20 levels.