USDJPY MAY BE FORMING A BULLISH PATTERN
The US dollar continues to move to fresh weekly trading highs against the Japanese yen on Wednesday, as the US dollar index soars to its highest level since June 2017. The USDJPY pair retains its bullish intraday bias while trading above the 111.10 level, traders should also note that the pair may be in the process of forming a bullish inverted head and shoulders pattern.
The USDJPY pair is bullish while trading above the 111.10 level, key resistance is now found at the 111.37 and 112.05 levels.
If the USDJPY pair trades below the 111.10 level, sellers could test towards the 110.80 and 110.55 support levels.