The US dollar is testing back towards the 106.00 level against the Japanese yen currency, as the pair continues to make traction above its key 200-day moving average. The technical surrounding the pair are increasingly bullish on the weekly time frame and point to further gains. The USDJPY pair now need to overcome resistance from the Ichimoku cloud on the weekly time frame, which is located between the 106.30 and 106.90 regions.
The USDJPY pair is only bullish while trading above the 105.55 level, key resistance is found at the 106.30 and 106.90 levels.
The USDJPY pair is only bearish while trading below the 105.55 level, key support is found at the 105.25 and 104.90 levels.
