The US dollar has moved back towards the 108.00 level against the Japanese yen currency after bulls defended the 107.50 support area on Wednesday. If bulls can hold price above the 108.00 level then a major short-term technical breakout could occur. It is noteworthy that short-term traders will start to turn bearish towards the USDJPY pair if the 107.50 support level is broken.
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.
The USDJPY pair is only bullish while trading above the 107.30 level, key resistance is found at the 108.00 and 108.30 levels.
