The US dollar is once again moving lower against the Japanese yen after a bearish reversal from the 108.60 resistance level on Monday. A clear range break is now needed, with USDJPY pair looking to move price under the 108.00 support level to accelerate selling. Overall, the USDJPY pair is failing to react to US dollar strength and is being driven by risk-off sentiment.
The USDJPY pair is only bearish while trading below the 108.60 level, key support remains at the 108.00 and 107.70 levels.
If the USDJPY pair trades above the 108.60 level, key technical resistance is found at the 108.80 and 109.00 levels.