The US dollar continues to rise against the Japanese yen currency, with the pair testing towards the current monthly high, around the 111.50 level. USDJPY bulls may test towards the 112.20 level if they start to overcome to 111.50 resistance area. An extremely large inverted head and shoulders pattern will form if the USDJPY pair manages to rally towards the 112.20 level.
The USDJPY pair is only bearish while trading below the 108.90 level, key support is found at the 107.50 and 106.00 levels.
The USDJPY pair is only bullish while trading above the 108.90 level, key resistance is found at the 111.50 and 112.00 levels.