USDJPY BULLISH ABOVE 110.03 LEVEL
The US dollar has continued to advance higher against the Japanese yen currency, with buyers pushing price within close distance of the key 110.00 technical level. The USDJPY pair currently trades around the 109.85 level, with bullish upside momentum growing across both MACD and Stochastic indicators. Trader are watching for a bullish move above the monthly-high, at 110.03, and the bullish inverted head and shoulders pattern across the lower-time frame charts.
The USDJPY pair is strongly bullish while trading above the 110.03 level, key resistance is then located at the 110.40 and 111.00 levels.
If the USDJPY pair starts to fail around the 110.00 level, sellers may move the pair back towards the 109.65 and 109.39 support levels.