The US dollar appears increasingly bullish against the Japanese yen currency over the short-term, with price holding well above the 109.70 level. Going forward, a break above the 110.30 level should spark a major rally in the USDJPY pair towards the 111.00 level. Only sustained weakness below the 109.70 level would negate the strong short-term bullish bias surrounding the pair.
The USDJPY pair is only bearish while trading below the 109.70 level, key support is found at the 109.35 and 109.00 levels.
The USDJPY pair is only bullish while trading above the 109.70 level, key resistance is found at the 110.30 and 111.00 levels.
