The US dollar has suffered rejection from the 105.00 resistance level against the Japanese yen currency, placing the emphasis on the further downside. The USDJPY pair could soon test back towards the pivotal 104.55 level if the 105.00 resistance area continues to hold. A major technical sell-off in the USDJPY pair could take place if the 104.55 support level is broken with conviction this week.
The USDJPY pair is only bearish while trading below the 105.00 level, key support is found at the 104.55 and 103.50 levels.
The USDJPY pair is only bullish while trading above the 105.00 level, key resistance is found at the 105.40 and 105.80 levels.
