USDJPY Breaking out
The US dollar is starting to gain upward momentum above the 107.00 level against the Japanese yen currency, as safe-haven currencies continue to sell-off. A bullish reversal pattern on the lower time frames is currently in play, placing the 108.00 and 108.60 levels as the next upside target. The MACD indicator is also trending higher on the daily time frame, which should be considered a positive medium-term sign.
The USDJPY pair is only bullish while trading above the 106.30 level, key resistance is found at the 108.00 and 17.30 levels.
The USDJPY pair is only bearish while trading below the 106.30 level, key support is found at the 106.00 and 105.60 levels.