The US dollar has turned bearish against the Japanese yen currency after breaking below the technically important 110.00 level. A bearish breakout from a rising price channel has now taken place and could see the USDJPY pair falling towards the 107.50 level. Near-term strength above the 108.90 level could provoke an important technical retest of the psychological 110.00 level.
The USDJPY pair is only bearish while trading below the 110.00 level, key support is found at the 108.90 and 107.50 levels.
The USDJPY pair is only bullish while trading above the 110.00 level, key resistance is found at the 110.90 and 111.55 levels.
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