The US dollar is under downside pressure against the Japanese yen currency as buyers struggle to rally the pair back above the 104.50 resistance level. The technical surrounding the USDJPY pair appear bearish in the near-term, meaning that further weakness towards the 103.00 area remains possible. The wider picture shows that the USDJPY pair is trading within a bullish falling wedge pattern.
The USDJPY pair is only bearish while trading below the 104.50 level, key support is found at the 103.80 and 103.50 levels.
The USDJPY pair is only bullish while trading above the 104.50 level, key resistance is found at the 105.00 and 105.30 levels.
