The US dollar is on the rise against the Japanese yen currency, following yesterday’s bullish reversal back above the 106.00 level. Technical analysis on the lower time frames shows that the USDJPY pair need to stabilize above the 106.00 to encourage a rally towards the 106.70 level. If USDJPY bulls can anchor price above the 106.70 then a major technical test of the 107.00 level is likely to follow.
The USDJPY pair is only bearish while trading below the 106.00 level, key support is found at the 105.30 and 104.80 levels.
bulls The USDJPY pair is only bullish while trading above the 106.00 level, key resistance is found at the 106.40 and 107.00 levels
