The US dollar currency is back under increasing selling pressure against the Japanese yen after global equity markets suffered heavy losses overnight. Technical analysis shows that USDJPY bears may target the 105.80 support level if the 106.00 level is broken. USDJPY traders may also look to sell any short-term corrective rallies back towards the 106.80 resistance level in anticipation of more medium-term weakness
The USDJPY pair is only bearish while trading below the 106.80 level, key support is found at the 106.00 and 105.80 levels.
The USDJPY pair is only bullish while trading above the 106.80 level, key resistance is found at the 107.00 and 107.30 levels.
