The US dollar has continued to advance higher against the Japanese yen, with price briefly trading above the 109.00 resistance level. Despite the strong correction higher in the USDJPY pair, the MACD indicator on the four-hour time frame has yet to reach overbought trading conditions. A sustained break above the 109.00 level may expose further upside towards the 109.40 level, while sellers need a bearish close below the 108.10 level.
The USDJPY pair is strongly bullish while trading above the 108.80 level, key technical resistance is found at the 109.40 and 110.00 levels.
If the USDJPY pair falls below the 108.80 level, sellers may test towards the 108.60 and 108.10 support levels.
