The US dollar looks poised for further gains against the Japanese yen as the pair presses towards the 107.00 resistance level. A bullish inverted head and shoulders pattern has been activated, following last weeks breakout move above the 106.30 level. The overall size of the mentioned bullish price pattern is projecting an upcoming rally in the USDJPY pair towards the 108.60 area.
The USDJPY pair is only bullish while trading above the 106.30 level, key resistance is found at the 107.30 and 108.00 levels.
The USDJPY pair is only bearish while trading below the 106.30 level, key support is found at the 106.00 and 105.60 levels.