USDJPY Technical Analysis – May 06, 2021

The USDJPY currency pair fell slightly on Wednesday, and the technical bias was bearish due to the recent uptrend that made a decline high.

The pair is currently trading near 109.270, and multiple resistance levels can be seen above, which may prevent further price increases.

  • Resistance level 1: 109.600
  • Resistance level 2: 109.950
  • Resistance level 3: 110.550

Below the price, multiple support levels can be found, and these price levels may prevent the price from falling.

  • Support level 1: 108.600
  • Support level 2: 108.200
  • Support level 3: 107.800

The United States will release the April non-agricultural employment report. Higher number of newly created jobs will be an indication that it is beneficial to the US dollar, so it is favorable for the USDJPY currency pair, and vice versa.

Looking at current price trends and economic development, it may be a good choice to sell the USDJPY currency pair near the current level.