The US dollar has staged a technical correction higher against the Japanese yen currency after the greenback received a much-needed boost on Tuesday. The move higher is fairly weak leaving the recent downtrend still in play, with USDJPY bears targetting the 106.40 level. A clear break of the 107.00 to 107.80 price range is now needed for the next USDJPY directional breakout.
The USDJPY pair is bearish while trading below the 107.80 level, key support remains 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 108.55 levels.