The US dollar is probing the downside against the Japanese yen currency after being strongly rejected from its key weekly pivot point. A sustained bearish breakdown below the 107.80 level is likely to see the USDJPY pair testing towards at least the 107.50 support level. The USDJPY pair also appears vulnerable to risk-off trading sentiment and a steep decline in global equity markets.
The USDJPY pair is bearish while trading below the 108.23 level, sellers may test back towards the 107.50 and 107.10 levels.
The USDJPY pair is only bullish while trading above the 108.23 level, key technical resistance remains at the 108.45 and 108.60 levels.
