USDJPY approaching key resistance
The US dollar continues to press higher against the Japanese yen currency on Wednesday, with the pair moving within touching distance of the 110.80 resistance level. The overall theme of risk-on trading sentiment in financial markets is pushing the safe-haven currencies lower. Traders attempting to sell the USDJPY pair should be cautious, as the overall bullish projection of the inverted head and shoulders pattern extends towards the 111.40 level.
The USDJPY pair is strongly bullish while trading above the 110.80 level, key technical resistance is found at the 111.00 and 111.40 levels.
If the USDJPY pair moves below the 110.40 level, sellers may test towards the 110.00 and 109.80 support levels.