The US dollar is struggling to maintain recent upside momentum against the Japanese yen currency as upside momentum fades. Traders should be aware that a bearish double-top pattern formation could take shape if bulls fail to move price above the 108.60 level. Overall, a bearish reversal in the USDJPY pair could extend down towards the 106.90 support level.
The USDJPY pair is only bearish while trading below the 107.90 level, key technical support remains at the 107.45 and 106.90 levels.
The USDJPY pair is only bullish while trading above the 107.90 level, key resistance is found at the 108.60 and 108.80 levels