The US dollar is starting to slide against the Japanese yen currency after the Bank of Japan meeting revealed that the central bank carved out more flexibility for fighting inflation. A key technical battle is now underway as bulls need to defend the 1084.0 support zone. A breakout under this key technical area and the USDJPY pair could easily fall back under the 108.00 level.
The USDJPY pair is only bullish while trading above the 108.40 level, key resistance is found at the 109.35 and 110.00 levels.
The USDJPY pair is only bearish while trading below the 108.40 level, key support is found at the 108.00 and 107.50 levels.
