USDJPY Strong recovery

The US dollar has staged a strong recovery against the Japanese yen currency back above the 104.00 level, following a brief dip towards the 103.60 level. The USDJPY pair has moved back into range-bound trading conditions and may remain trapped until a definitive breakout from the 103.60 to 104.50 range is broken. A large falling wedge pattern is also suggesting that the range breakout may eventually be to the upside.

• The USDJPY pair is only bullish while trading above the 104.50 level, key resistance is found at the 104.90 and 105.50 levels. 

• The USDJPY pair is only bearish while trading below the 104.50 level, key support is found at the 103.80 and 103.60 levels.