USDJPY Approaching 108.60
The US dollar is firming above the 108.00 level against the Japanese yen currency as the ongoing rally in the greenback intensifies. A bullish inverted head and shoulders pattern continues to play out, with the USDJPY pair approaching the first target of the pattern, around the 108.60 level. Traders should be aware that if the strong bid-tone towards the US dollar continues the USDJPY pair could test the 109.00 level.
The USDJPY pair is only bullish while trading above the 106.80 level, key resistance is found at the 108.60 and 109.00 levels.
The USDJPY pair is only bearish while trading below the 106.80 level, key support is found at the 106.40 and 106.00 levels.