USDJPY 109.40 IMPORTANT
The US dollar is increasing bullish against the Japanese yen currency, as the pair continues to trade above the 109.00 support area. Technical analysis shows that a bullish reversal pattern has formed, following the recent breakout above the 109.40 level. The size of the bullish pattern indicates that the USDJPY pair could rally towards the 112.00 resistance level over the short-term.
The USDJPY pair is only bearish while trading below the 108.30 level, key support is found at the 107.90 and 107.50 levels.
The USDJPY pair is only bullish while trading above the 108.30 level, key resistance is found at the 110.20 and 111.00 levels.