USDJPY UPSIDE BREAKOUT STILL VALID
The US dollar continues to trade above the 112.00 level against the Japanese currency on Thursday, as the US ten-year Treasury yield trades at levels not seen since May this year. The USDJPY pair may continue to rise as price trades above the neckline of a bullish head and shoulders pattern, while the MACD indicator on the daily time frame trend higher.
The USDJPY pair is strongly bullish while trading above the 112.00 level, key resistance is found at the 112.80 and 113.20 levels.
If the USDJPY pair starts to trade below the 112.00 level, key support is found at the 111.65 and 111.10 levels.