The US dollar continues to slip lower against the Japanese yen currency on Wednesday, with the pair approaching its near-term bearish target. According to the four-hour time frame, the short-term bearish target for the USDJPY pair may extend towards the 107.90 level. Only a sustained move back above the 108.80 level can negate the bearish intraday sentiment surrounding the USDJPY pair.
The USDJPY pair is only bullish while trading above the 108.80 level, key resistance is found at the 109.00 and 109.30 levels.
The USDJPY pair is bearish while trading below the 108.80 level, key technical support remains at the 108.10 and 107.90 levels