The US dollar has recovered sharply higher against the Japanese yen currency after the better than expected US Nonfarm payrolls jobs report boosted the greenback. The USDJPY pair is now approaching the 110.00 level, with a bullish break above this key area exposing further upside towards the 110.70 level. The recent move higher has now invalidated the bearish head and shoulders pattern that was previously seen on the lower time frames.
The USDJPY pair is bullish while trading above the 109.14 level, key technical resistance is found at the 110.00 and 110.70 levels.
If the USDJPY pair moves below the 109.14 level, sellers may test towards the 108.80 and 108.50 levels.
