The US dollar is trading around the 109.00 level against the Japanese yen as overall market sentiment towards the pair increases. The USDJPY pair now needs to rally above the 109.30 resistance level to encourage a major upside technical breakout towards the 110.00 level. Caution is still advised when trading the USDJPY pair until a breakout above the 109.30 level takes place.
• The USDJPY pair is only bullish while trading above the 108.60 level, key resistance is found at the 109.30 and 110.00 levels. • The USDJPY pair is only bearish while trading below the 108.60 level, key technical support is found at the 108.25 and 107.90 levels