The US dollar is increasingly bullish against the Japanese yen currency, following a sharp bounce from the pivotal 108.60 support level. The USDJPY pair is likely to test towards the 110.00 level if the 109.60 resistance level is overcome later today. Overall, an even stronger rally towards the 110.80 level is still possible, as the USDJPY pair continues to exhibit bullish price action.
The USDJPY pair is only bullish while trading above the 108.60 level, key resistance is found at the 109.60 and 110.00 levels.
The USDJPY pair is only bearish while trading below the 108.60 level, key technical support is found at the 108.20 and 107.90 levels.