The US dollar has retreated from the 109.00 resistance level against the Japanese yen currency, as the pair struggles to attract fresh buying demand. The USDJPY pair risks a drop towards the 107.90 level if an upside breakout above the 109.00 level fails to occur. Overall, a corrective move back towards the 107.90 support would create a strong medium-term buying opportunity.
The USDJPY pair is only bullish while trading above the 108.60 level, key resistance is found at the 109.00 and 109.30 levels.
The USDJPY pair is only bearish while trading below the 108.60 level, key technical support is found at the 108.25 and 107.90 levels.
