USDJPY Range bound

The US dollar has failed to form a meaningful price against the Japanese yen currency leaving the pair trapped inside the 104.20 to 103.30 price. Technical analysis highlights that a breakout above the 104.20 level could cause the USDJPY pair to surge towards the 105.50 area. To the downside, a break below the 103.30 support level could provoke a major decline towards the 102.00 area.

• The USDJPY pair is only bullish while trading above the 104.00 level, key resistance is found at the 104.30 and 104.50 levels. 

• The USDJPY pair is only bearish while trading below the 104.00 level, key support is found at the 103.60 and 103.30 levels.