USDJPY 108.90 PIVOT

The US dollar is staging a solid recovery against the Japanese yen currency after the pair dropped sharply lower on the weekly price open this morning. Going forward, the 108.90 level is key trendline resistance and also a key weekly pivot point to watch. Gains above the 108.90 level could provoke a strong bounce in the USDJPY pair towards the 110.00 resistance area.

• The USDJPY pair is only bearish while trading below the 108.90 level, key support is found at the 107.50 and 106.00 levels.

• The USDJPY pair is only bullish while trading above the 108.90 level, key resistance is found at the 110.00 and 110.70 levels.