The US dollar remains under downside pressure against the Japanese yen currency, as bears continue to hold the price below the 108.00 level. A bearish head and shoulders pattern is still in play and is a warning of a coming price drop towards 106.50. It is likely that selling pressure towards the USDJPY pair will significantly increase once the 107.90 support level is consistently broken.
The USDJPY pair is only bullish while trading above the 108.35 level, key resistance is found at the 108.60 and 108.90 levels.
The USDJPY pair is only bearish while trading below the 108.35 level, key support is found at the 107.90 and 106.50 levels.
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