USDJPY Approaching critical support
The US dollar is coming under increasing pressure against the Japanese yen currency as traders continue to sell the greenback across-the-board. A bearish head and shoulders pattern is currently warning that the USDJPY pair could fall towards the 103.50 support level. Bears need to force a sustained breakout below the 104.00 support level to increase technical selling pressure towards the USDJPY pair.
The USDJPY pair is only bearish while trading below the 104.55 level, key support is found at the 104.00 and 103.00 levels.
The USDJPY pair is only bullish while trading above the 104.55 level, key resistance is found at the 105.00 and 105.50 levels.