The US dollar has reversed sharply higher against the Japanese yen currency as the market starts to appear less nervous towards growing tensions between Iran and the United States. Further gains are expected towards the 109.20 level while the USDJPY pair trades above the 108.40 level. Unless the current risk environment worsens traders have few reasons to be bearish towards the USDJPY pair while price holds 108.40.
The USDJPY pair is only bullish while trading above the 108.40 level, key resistance is found at the 108.90 and 109.20 levels.
The USDJPY pair is bearish while trading below the 108.40 level, key technical support is found at the 107.50 and 107.10 levels.
