The US dollar is trading with a slight negative bias against the Japanese yen currency, as the pair struggles to rally away from the 105.20 support area. Technical analysis shows that the USDJPY sellers could target the 104.50 support level if the 105.20 level is broken with conviction. To the upside, the USDJPY pair could stage a powerful counter-rally if the 105.20 support level holds firm.
The USDJPY pair is only bearish while trading below the 105.20 level, key support is found at the 104.50 and 104.00 levels.
The USDJPY pair is only bullish while trading above the 105.20 level, key resistance is found at the 106.00 and 106.80 levels.
