USDJPY appearing bullish

The US dollar is gaining upside momentum above the 106.00 level against the Japanese yen currency, as the pair trades at a one-week high. Technical analysis shows a breakout above the 106.60 level could cause USDJPY bulls to test towards the 107.00 level. To the downside, a loss of the 106.20 support level could cause the USDJPY pair to fall towards the 104.80 level.

• The USDJPY pair is only bullish while trading above the 106.20 level, key resistance is found at the 107.00 and 107.40 levels.

• The USDJPY pair is only bearish while trading below the 106.20 level, key support is found at the 105.80 and 104.80 levels.