The US dollar has started to rise against the Japanese yen currency, with buyers now attempting to break away from the pair’s recently established trading range. The 108.65 level offers solid resistance, while the 109.00 level is the major intraday resistance level. If the move higher is a false breakout, the USDJPY pair could easily still test towards the 107.40 level this week.
The USDJPY pair is only bearish while trading below the 108.44 level, key support is found at the 107.70 and 107.40 levels.
If the USDJPY pair trades above the 108.44 level, key technical resistance is found at the 108.65 and 109.00 levels.
