The US dollar is on the rise once again against the Japanese yen currency, despite reports that the Bank of Japan is going to wind back some of its policy accommodation. Bears need to move the price under the 108.40 level to invalidate a bullish price pattern. Upside pressure persists and buyers are able to invoke a bullish price pattern above the 109.35 level the USDJPY pair could rally towards the 110.00 regions.
The USDJPY pair is only bullish while trading above the 108.80 level, key resistance is found at the 109.35 and 110.00 levels.
The USDJPY pair is only bearish while trading below the 108.80 level, key support is found at the 108.40 and 107.60 levels.