The US dollar has staged a powerful reversal from the 104.50 level against the Japanese yen, with the counter-rally so far moving slightly above the 106.00 level. Buyers need to move price above the 106.40 level to really accelerate technical buying interest. The latest moves in the USDJPY reminds traders that the pair is incredibly sensitive to Sino-US trade news.
The USDJPY pair is only bullish while trading above the 106.00 level, key technical resistance is found at the 106.40 and 107.00 levels.
The USDJPY pair is bearish while trading below the 106.00 level, key support is found at the 105.50 and 104.50 levels.
