The US dollar is coming under increasing downside pressure against the Japanese yen currency, with price slipping closer to the 108.20 breakout area. The USDJPY pair has been tracking the US dollar index and appears vulnerable to further losses this week. A bearish head and shoulders pattern on the lower time frames suggests that the USDJPY pair could fall towards the 107.00 level.
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.
