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.