The US dollar continues to trade in a relatively tight range against the Japanese yen currency with price remaining trapped within a horizontal channel. A break above the 108.42 level should trigger additional technical buying towards at least the 108.65 level. A bearish breakout below the 107.70 level should provoke an important technical test of the 107.40 support level.
The USDJPY pair is bearish while trading below the 109.00 level, key support is found at the 107.70 and 107.40 levels.
If the USDJPY pair trades above the 108.42 level, key technical resistance is found at the 108.65 and 108.86 levels.
