USDJPY Technical bounce
The US dollar has staged a minor technical bounce against the Japanese yen currency after bears failed to build downside traction below the 104.55 support level. Technical analysis shows that the 105.20 level offers the strongest form of near-term resistance above the 104.55 level. To the downside, a sustained breakout trade below the 104.55 level is likely to encourage a major technical sell-off towards the 103.00 support area.
The USDJPY pair is only bearish while trading below the 104.55 level, key support is found at the 103.00 and 101.50 levels.
The USDJPY pair is only bullish while trading above the 104.55 level, key resistance is found at the 105.20 and 105.50 levels.