USDJPY wedge resistance

The US dollar is trading at multi-month highs against the Japanese yen currency, with the pair moving closer to the psychological 110.00 level. The USDJPY pair is close to the top of a large rising wedge pattern on the daily time frame, around the 109.90 level. A breakout above the wedge could spark technical buying towards the 110.35 resistance level at a minimum.

•  The USDJPY pair is only bullish while trading above the 109.30 level, key resistance is found at the 109.90 and 110.35 levels. 

• The USDJPY pair is only bearish while trading below the 109.30 level, key technical support is found at the 109.00 and 108.60 levels.