USDJPY Technically bullish
The US dollar is on the rise against the Japanese yen currency, following a confirmed breakout above the pairs key 200-day moving average. Further upside is expected as the Relative Strength Index on the weekly time frame is issuing a powerful buy signal. The USDJPY pair now faces upcoming technical resistance from the Ichimoku cloud on the weekly time frame, around the 106.30 area.
The USDJPY pair is only bullish while trading above the 105.55 level, key resistance is found at the 106.10 and 106.30 levels.
The USDJPY pair is only bearish while trading below the 105.55 level, key support is found at the 105.25 and 104.90 levels.