The US dollar has broken to a fresh weekly trading high against the Japanese yen currency, with the pair trading firmly above the 110.00 level. Going forward, the USDJPY pair could easily test towards the 111.00 resistance level before correcting lower. Traders that are bullish towards the USDJPY pair are likely to buy any dips in price back towards the 109.70 support level.
The USDJPY pair is only bullish while trading above the 109.70 level, key resistance is found at the 110.50 and 111.00 levels.
The USDJPY pair is only bearish while trading below the 109.70 level, key support is found at the 109.30 and 109.00 levels.