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.