The US dollar remains well-supported against the Japanese yen currency as traders continue to buy any dips towards the 107.00 level. Technical analysis shows that bulls need to defend the 107.30 level this week to keep the recent bullish bias in play. Traders should be aware that a breakout above the 108.00 level could cause a powerful rally in the USDJPY pair towards the 110.00 level.
The USDJPY pair is only bullish while trading above the 107.30 level, key resistance is found at the 108.30 and 109.00 levels
The USDJPY pair is only bearish while trading below the 107.30 level, key support is found at the 106.90 and 106.03 levels.
