The US dollar is on the rise against the Japanese yen currency after sellers failed to hold price below the rising trendline of the daily time frame. Sustained gains above the 108.90 resistance level could see the USDJPY pair advancing towards the 109.40 level. Overall, expect the rising trendline on the daily time frame, at 108.68, to act as a key trading pivot this week, which will determine the direction of the USDJPY pair.
The USDJPY pair is only bullish while trading above the 108.68 level, key resistance is found at the 109.00 and 109.40 levels.
The USDJPY pair is only bearish while trading below the 108.68 level, key technical support is found at the 108.20 and 107.50 levels.
