The US dollar is trapped within the 108.90 and 109.30 price range against the Japanese yen, following failed downside and upside breakouts this week. The USDJPY pair currently needs the US dollar to pick a strong directional bias to allow a breakout to happen. Overall, traders are best to await a sustained technical breakout from the previously mentioned price range.
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.
