The US dollar is attempting to gain strength against the Japanese yen currency, with the pair gaining nearly 100 points since finding support from the 102.80 level. The USDJPY pair needs to break above the 104.50 resistance level to change the short-term outlook. The medium-term analysis is still suggesting that the USDJPY pair could fall towards the 101.50 area before a meaningful recovery takes place.
The USDJPY pair is only bullish while trading above the 104.50 level, key resistance is found at the 104.90 and 105.50 levels.
The USDJPY pair is only bearish while trading below the 104.50 level, key support is found at the 103.50 and 102.80 levels.
