USDJPY STRONGLY BULLISH ABOVE 111.39 LEVEL
The US dollar has finally broken away from range-bound trading conditions against the Japanese yen currency, with the USDJPY pair hitting 111.80 after a strong technical breakout from a bullish descending triangle pattern. The short-term trend has now turned bullish, and further upside is expected in the USDJPY pair while price continues to trade above the 111.39 support level.
The USDJPY pair is intraday bullish while trading above the 111.39 level, key resistance is found at the 111.80 and 112.05 levels.
If the USDJPY pair moves below the 111.39 level, sellers may test towards the 111.20 and 110.90 support levels.