The US dollar has broken below the technically important 104.55 level against the Japanese yen currency, further increasing downside pressure. The USDJPY pair now fall towards the 103.50 support level now that key former support zone has been broken. Traders should note that a bearish head and shoulders pattern will be activated if the price moves under the 104.20 level.
The USDJPY pair is only bearish while trading below the 104.55 level, key support is found at the 103.50 and 103.10 levels.
The USDJPY pair is only bullish while trading above the 104.55 level, key resistance is found at the 105.00 and 105.20 levels.
