The US dollar has fallen to a fresh multi-month low against the Japanese yen this morning, as the greenback comes under intense selling pressure. Technical analysis shows that a powerful counter-rally back towards the 106.00 level may start if bulls can anchor price above the 105.50 level. Lower time frame analysis that a bearish head and shoulders pattern is in play while price trades under the 106.00 level.
The USDJPY pair is only bearish while trading below the 106.00 level, key support is found at the 105.50 and 104.80 levels.
The USDJPY pair is only bullish while trading above the 106.00 level, key resistance is found at the 106.20 and 106.80 levels.
