USDJPY upside breakout underway
The US dollar has broken sharply higher against the Japanese yen currency on Monday, with buyers slicing through the important 110.00 resistance level. If bulls can hold price above the 110.00 level, further technical buying towards the 110.80 level seems possible. The overall bullish objective of the inverted head and shoulders pattern would take the USDJPY towards the 111.40 level.
The USDJPY pair is strongly bullish while trading above the 110.00 level, key technical resistance is found at the 110.40 and 110.80 levels.
If the USDJPY pair moves below the 110.00 level, sellers may test towards the 109.60 and 109.14 support levels.