USDJPY breakout looms
The US dollar is holding on to its recent gains against the Japanese yen currency as bulls maintain control of the pair in the short-term. A breakout above the 108.00 level could cause a major push higher in the USDJPY pair towards the 108.90 resistance area. A large inverted head and shoulders pattern is also seen across the lower time frames, with 200 points of upside potential.
The USDJPY pair is only bullish while trading above the 106.90 level, key resistance is found at the 108.30 and 109.00 levels
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.