The US dollar is attempting to move higher against the Japanese yen currency after bears failed to gain traction below the 108.40 level, which is the neckline of a bearish head and shoulders pattern. It is possible that the USDJPY pair could be headed towards the 110.00 area if the 108.40 level continues to hold. A break above the 109.30 level should increase technical buying pressure towards the USDJPY pair.
The USDJPY pair is only bullish while trading above the 108.95 level, key resistance is found at the 109.30 and 110.00 levels.
The USDJPY pair is only bearish while trading below the 108.95 level, key support is found at the 108.60 and 108.40 levels.
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