The US dollar has started the new trading week testing the 108.00 handle against the Japanese yen currency despite escalating geopolitical tension in the Strait of Hormuz. The USDJPY suffered a strong rejection from just below the 109.30 area last week, bears will be looking for a lower weekly high. Overall, USDJPY sellers are likely to target the 107.00 to 106.80 support zone.
The USDJPY pair is bearish while trading below the 108.00 level, key support is found at the 107.00 and 106.80 levels.
The USDJPY pair is only bullish while trading above the 108.00 level, key technical resistance is found at the 108.93 and 109.23 levels.
