USDJPY range break needed

The US dollar continues to trade in a relatively tight range against the Japanese yen currency with price remaining trapped within a horizontal channel. A break above the 108.42 level should trigger additional technical buying towards at least the 108.65 level. A bearish breakout below the 107.70 level should provoke an important technical test of the 107.40 support level.

• The USDJPY pair is bearish while trading below the 109.00 level, key support is found at the 107.70 and 107.40 levels.

• If the USDJPY pair trades above the 108.42 level, key technical resistance is found at the 108.65 and 108.86 levels.