USDJPY FUNDAMENTAL DRIVERS
The US dollar is consolidating around the 108.00 level against the Japanese yen currency, as traders await the US primary election results and the latest coronavirus news. Positive election results for candidate Bernie Sanders could see the USDJPY pair targeting the 106.00 level. Positive results for Candidate Joe Biden could see the USDJPY pair rallying towards the 108.90 level.
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.