The US dollar has failed to form a meaningful price against the Japanese yen currency leaving the pair trapped inside the 104.20 to 103.30 price. Technical analysis highlights that a breakout above the 104.20 level could cause the USDJPY pair to surge towards the 105.50 area. To the downside, a break below the 103.30 support level could provoke a major decline towards the 102.00 area.
The USDJPY pair is only bullish while trading above the 104.00 level, key resistance is found at the 104.30 and 104.50 levels.
The USDJPY pair is only bearish while trading below the 104.00 level, key support is found at the 103.60 and 103.30 levels.
