USDJPY 109.00 breakout

The US dollar has finally picked a direction against the Japanese yen currency, with the pair soaring towards the 108.80 resistance level. If USDJPY bulls can break above the 109.00 level, we could soon see a major upside move towards the psychological 110.00 level. A sustained move below the 108.40 support level should be considered technically bearish for the USDJPY pair.

• The USDJPY pair is only bearish while trading below the 108.40 level, key support remains at the 108.20 and 108.00 levels.

• The USDJPY pair is bullish while trading above the 108.40 level, key technical resistance remains at the 109.00 and 110.00 levels.