The US dollar is attempting to stabilize against the Japanese yen currency after the pair suffered a heavy technical rejection from the 104.50 level. Technical analysis shows that the 103.55 level offers the strongest form of technical support below the 104.00 level. Overall, the USDJPY pair is expected to stay under near-term downside pressure all the time that the US dollar index is dropping.
The USDJPY pair is only bearish while trading below the 104.50 level, key support is found at the 103.80 and 103.55 levels.
The USDJPY pair is only bullish while trading above the 104.50 level, key resistance is found at the 105.00 and 105.80 levels.
