The US dollar remains under pressure against the Japanese yen currency, with the risk-sensitive pair falling to a fresh monthly trading low. Going forward, USDJPY bears may start to target the 105.50 technical area if the 106.00 support level is broken this week. Traders are unlikely to turn bullish towards the USDJPY pair unless a recovery above the 107.00 resistance level takes place.
The USDJPY pair is only bearish while trading below the 107.00 level, key support is found at the 106.00 and 105.50 levels.
The USDJPY pair is only bullish while trading above the 107.00 level, key resistance is found at the 107.30 and 108.00 levels.
