The US dollar has broken its established trading range against the Japanese yen currency, with the pair so far finding support from the 107.60 technical region. The key risk for traders is now the Bank of Japan policy meeting, with bullish spikes towards 109.00 level still possible. Overall, the heavy bearish bias towards the USDJPY pair is valid while price trades below the 108.00 support level.
The USDJPY pair is only bearish while trading below the 108.00 level, key support remains at the 107.60 and 106.80 levels.
If the USDJPY pair trades above the 108.00 level, key technical resistance remains at the 108.80 and 109.00 levels.