USDJPY watching 108.80

The US dollar has staged a recovery against the Japanese yen currency, as the greenback starts to gain strength across the board. The USDJPY pair will need to rally price above the 109.00 level to negate a large head and shoulders pattern on the four-hour time frame. Overall, traders should carefully watch the 108.80 resistance level for signs of upside exhaustion in the USDJPY pair.

•  The USDJPY pair is only bullish while trading above the 108.80 level, key resistance is found at the 109.00 and 109.30 levels. 

• The USDJPY pair is bearish while trading below the 108.80 level, key technical support is found at the 108.25 and 107.90 levels