The US dollar remains in a tight price range against the Japanese yen currency, further increasing the chances that a major breakout is coming. Gains above the 110.30 level should provoke a strong rally this week, while a loss of the 109.70 level should see the pair slipping lower. Only a sustained breakout beneath the 109.35 support level would worry USDJPY bulls at this stage.
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.