The US dollar
has finally broken away from range-bound trading conditions against the Japanese yen
currency, with the USDJPY
pair hitting 111.80 after a strong technical breakout from a bullish descending triangle
pattern. The short-term trend has now turned bullish
, and further upside is expected in the USDJPY
pair while price continues to trade above the 111.39 support level
pair is intraday bullish
while trading above the 111.39 level, key resistance is found at the 111.80 and 112.05 levels.
If the USDJPY
pair moves below the 111.39 level, sellers may test towards the 111.20 and 110.90 support levels.