The US dollar remains extremely weak against the Japanese yen currency, with the pair failing to catch a bid despite being technically oversold. USDJPY bears may continue to sell the pair on down towards critical monthly support, at 106.40. The 107.80 level is now key resistance, which is the bottom of the USDJPY pairs former consolidation channel.
The USDJPY pair is bearish while trading below the 107.80 level, key support is found at the 107.00 and 106.40 levels.
If the USDJPY pair trades above the 107.80 level, key technical resistance remains at the 108.00 and 108.44 levels.
