USDJPY bullish above 108.00
The US dollar is holding onto its weekly gains against the Japanese yen currency due to an improvement in risk-on trading sentiment. Technical analysis shows that a bullish inverted head and shoulders pattern is starting to unfold across the lower time frames. The size of the bullish pattern implies that the USDJPY pair could rally towards the 110.00 level over the medium-term.
The USDJPY pair is only bearish while trading below the 107.30 level, key support is found at the 106.90 and 106.03 levels.
The USDJPY pair is only bullish while trading above the 107.30 level, key resistance is found at the 108.00 and 109.00 levels.