The US dollar is trading back towards the 109.00 level against the Japanese yen currency after bouncing from key trendline support on the daily time frame. The 109.00 level has acted as a major trading pivot for the USDJPY pair over recent months. A breakout above the 109.00 level exposes further upside in the USDJPY pair towards the 109.30, and possibly the 109.70 resistance level.
The USDJPY pair is only bearish while trading below the 109.00 level, key support is found at the 108.40 and 107.50 levels.
The USDJPY pair is only bullish while trading above the 109.00 level, key resistance is found at the 109.30 and 109.70 levels.
