The U.S dollar starts the new trading week with a neutral trading bias against the Japanese yen, following a weaker than expected U.S Nonfarm payrolls jobs report on Friday. The USDJPY pair fell below the key 107.00 level, hitting 106.77, after the U.S economy created just 103,000 new jobs during the month of March. Traders now look towards the key 107.00 level for direction, with U.S CPI and the FOMC Meeting Minutes the main risk events for the USDJPY pair this week.
The USDJPY pair is likely to remain under selling pressure while trading below the 107.00 level, key technical support is found at the 106.60 and 106.30 levels.
Should the USDJPY pair trade back above the 107.00 level, buyers may then test towards the 107.28 and 107.49 resistance levels.
