The US dollar is enjoying strong buying interest against the Japanese yen currency on Monday, following a strong breakout above the 107.00 level. A bullish reversal pattern on the lower time frame indicates that the USDJPY pair could reach the 107.70 level. USDJPY bears need to hold price back under the 106.55 support level to encourage technical selling back towards the 106.00 level.
The USDJPY pair is only bearish while trading below the 107.00 level, key support is found at the 106.55 and 106.00 levels.
The USDJPY pair is only bullish while trading above the 107.00 level, key resistance is found at the 107.30 and 107.70 levels.
