The US dollar is advancing strongly against the Japanese yen currency as positive risk-sentiment and rising stocks boost the pair. Technical analysis shows that a bullish inverted head and shoulders pattern has been activated across the lower time frames. According to the size of the bullish reversal pattern, the USDJPY pair could rally towards the 110.00 level over the short-term.
The USDJPY pair is only bullish while trading above the 107.90 level, key resistance is found at the 109.00 and 110.00 levels
The USDJPY pair is only bearish while trading below the 107.90 level, key support is found at the 107.50 and 107.00 levels.
