USDJPY risk-on boost

The US dollar has opened the new trading monthly strongly against the Japanese yen after a positive outcome from the G20 leaders meeting over the weekend. The 109.00 resistance level still remains the overall upside short-term objective for USDJPY bulls this week. USDJPY sellers may attempt to enter around this area, following the heavily bearish candle formation on the monthly time frame.

• The USDJPY pair is only bearish while trading below the 108.10 level, key support remains at the 107.80 and 107.00 levels.

• If the USDJPY pair trades above the 108.10 level, key technical resistance remains at the 108.44 and 109.00 levels.