The US dollar is under heavy downside pressure against the Japanese yen currency, after breaking below the 106.90 support level. The USDJPY pair now has a short and medium-term bearish bias, with the 105.50 level the next major downside target. A worse than expected US jobs number later today could see the USDJPY pair extending its heavy weekly trading losses.
The USDJPY pair is bearish while trading below the 107.45 level, key technical support remains at the 106.00 and 105.50 levels.
The USDJPY pair is only bullish while trading above the 107.45 level, key resistance is found at the 107.70 and 108.00 levels.
