The US dollar has reversed course against the Japanese yen currency after risk-off trading sentiment came back into the market. The USDJPY pair has found strong resistance from the 108.25 level and could see a round of profit-taking back towards the 107.30 technical area. Overall, the USDJPY pair is also likely to trade cautiously ahead of Wednesday’s FOMC rate decision.
The USDJPY pair is bullish while trading above the 107.50 level, key resistance is found at the 108.25 and 108.80 levels.
The USDJPY pair is only bearish while trading below the 107.50 level, key technical support is found at the 107.30 and 106.90 levels.