The US dollar has come under increasing pressure against the Japanese yen due to the worsening geopolitical situation between Iran and the United States. The USDJPY pair could suffer a technical meltdown if bulls force price under the 107.70 support level. Traders are now awaiting the release of important monthly retail sales data from the United States economy.
The USDJPY pair is bearish while trading below the 108.44 level, key support remains at the 107.70 and 107.05 levels.
If the USDJPY pair trades above the 108.44 level, key technical resistance is found at the 108.64 and 108.80 levels.