USDJPY Awaiting triangle break
The US dollar is under slight downside pressure against the Japanese yen currency, in a very quiet Bank holiday Monday trading session. Lower time frame analysis shows that the USDJPY pair is trapped within a symmetrical triangle pattern, between the 110.40 and 110.70 levels. Watch out for a coming 30 pip move in the USDJPY pair once a confirmed breakout from the triangle occurs.
The USDJPY pair is only bullish while trading above the 110.40 level, key resistance is found at the 110.70 and 111.00 levels.
The USDJPY pair is only bearish while trading below the 110.40 level, key support is found at the 110.10 and 109.80 levels.