The US dollar remains under downside pressure against the Japanese yen, following the release of more weak data from the US economy. From a technical perspective, the USDJPY pair is extremely weak while trading below the 108.60 support level. Going forward, a break under the 108.20 level exposes the USDJPY pair to heavy technical selling towards the 107.50 level and possibly lower.
The USDJPY pair is only bullish while trading above the 108.90 level, key resistance is found at the 109.15 and 109.40 levels.
The USDJPY pair is only bearish while trading below the 108.90 level, key technical support is found at the 108.20 and 107.50 levels.
