USDJPY Back under pressure

The US dollar is coming back under pressure against the Japanese yen currency, as the US dollar index falls to a new multi-year low. Technical analysis shows that the 102.20 level offers strong support for the USDJPY pair below the 102.80 area. Technical analysis shows that the USDJPY pair is trading within an extremely large falling wedge pattern between the 102.20 and 104.50 levels.

• The USDJPY pair is only bullish while trading above the 104.50 level, key resistance is found at the 104.90 and 105.50 levels. 

• The USDJPY pair is only bearish while trading below the 104.50 level, key support is found at the 102.80 and 102.20 levels.