USDJPY breakout underway
The US dollar has broken to the upside against the Japanese yen currency, following a strong bid in the greenback after the FOMC rate decision. The USDJPY pair is increasingly likely to target the 110.00 level now that the 109.00 resistance level has been broken. It is also worth remembering that a bullish inverted head and shoulders pattern has been triggered.
The USDJPY pair is bullish while trading above the 109.00 level, key resistance is found at the 109.50 and 110.00 levels.
The USDJPY pair is only bearish while trading below the 109.00 level, key technical support is found at the 108.80 and 108.60 levels.