The US dollar remains under selling pressure against the Japanese yen currency after bulls failed to anchor price above the 105.50 level. Higher time frame analysis shows that the 104.50 level offer the strongest form of support below the 105.00 level. Overall, a head and shoulders pattern with a strong downside projection remains in play while price trades beneath the 106.00 level.
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.
The USDJPY pair is only bearish while trading below the 106.00 level, key support is found at the 104.80 and 104.50 levels.
