USDJPY Reversal possible
The US dollar is struggling to find direction against the Japanese yen currency in quiet market conditions, due to the US Thanksgiving holiday. Higher time frame analysis shows that the USDJPY pair is trapped within a large falling wedge pattern, between the 103.50 and 105.30 levels. Falling wedge patterns are typically bullish reversal pattern, meaning that the USDJPY pair could surge higher if the 105.30 level is broken.
The USDJPY pair is only bearish while trading below the 104.50 level, key support is found at the 104.00 and 103.50 levels.
The USDJPY pair is only bullish while trading above the 104.50 level, key resistance is found at the 105.00 and 105.30 levels.