The US dollar currency continues to trade around the 107.00 level against the Japanese yen currency, as the pair struggles to find a directional bias. Technical analysis shows that if the USDJPY pair trades below 106.80 support level then a further decline towards the 106.60 level may take place. If sellers fail to hold price under the 106.80 level then a counter-rally towards the 107.30 level may take place.
The USDJPY pair is only bearish while trading below the 106.80 level, key support is found at the 106.60 and 106.20 levels.
The USDJPY pair is only bullish while trading above the 106.80 level, key resistance is found at the 107.30 and 107.60 levels.
