USDJPY 105.00 bounce zone

The US dollar has staged a bounce from the 105.00 level against the Japanese yen currency after the pair suffered due to the recent sell-off in US stocks. The USDJPY pair is currently trapped within a rising price channel, which is located between the 104.80 and 106.30 levels. The USDJPY pair needs to recover back above its 200-day moving average, around the 105.60 level, to increase technical buying pressure.

• The USDJPY pair is only bullish while trading above the 105.60 level, key resistance is found at the 106.00 and 106.30 levels. 

• The USDJPY pair is only bearish while trading below the 105.60 level, key support is found at the 105.00 and 104.80 levels.