USDJPY awaiting breakout
The US dollar continues to trade in a narrow trading range against the Japanese yen currency, with traders awaiting the next major directional move in the pair. Lower time frame analysis shows the USDJPY pair is trapped inside a large symmetrical triangle pattern between the 105.80 and 106.40 level. A downside breakout under the 105.80 level could cause the USDJPY pair to tumble towards the 104.70 support zone.
The USDJPY pair is only bullish while trading above the 106.40 level, key resistance is found at the 106.80 and 107.00 levels.
The USDJPY pair is only bearish while trading below the 106.40 level, key support is found at the 105.80 and 104.70 levels.