The US dollar staged a major recovery against the Japanese yen currency last week, further increasing the chances of more upside in the short-term. Technical analysis shows that USDJPY bulls may be preparing to rally the pair towards the 106.80 level. To the downside, USDJPY dip-buyers remain in control while the price continues to trade above the technically important 105.20 level.
The USDJPY pair is only bearish while trading below the 105.20 level, key support is found at the 104.80 and 104.50 levels.
The USDJPY pair is only bullish while trading above the 105.20 level, key resistance is found at the 106.50 and 106.80 levels.
