The US dollar is testing back towards the 109.30 level against the Japanese currency after sellers failed to build traction below the 108.90 support level. Going forward, a breakout above the 109.60 level could propel the USDJPY pair toward the 110.00 level. Dip-buying is still preferred intraday strategy until a sustained bearish breakdown below the 108.90 support level occurs.
The USDJPY pair is only bullish while trading above the 108.90 level, key resistance is found at the 109.60 and 110.00 levels.
The USDJPY pair is only bearish while trading below the 108.90 level, key technical support is found at the 108.60 and 108.20 levels.