The US dollar has staged a recovery against the Japanese yen currency, as the greenback starts to gain strength across the board. The USDJPY pair will need to rally price above the 109.00 level to negate a large head and shoulders pattern on the four-hour time frame. Overall, traders should carefully watch the 108.80 resistance level for signs of upside exhaustion in the USDJPY pair.
The USDJPY pair is only bullish while trading above the 108.80 level, key resistance is found at the 109.00 and 109.30 levels.
The USDJPY pair is bearish while trading below the 108.80 level, key technical support is found at the 108.25 and 107.90 levels
