The US dollar has reversed above the 103.00 level against the Japanese yen, following the release of much better-than-expected US factory data. Technical analysis shows that the main focus in the near-term is a bullish falling wedge pattern on the higher time frames. The pattern is warning that a much stronger bullish reversal could be about to take place in the USDJPY pair.
The USDJPY pair is only bearish while trading below the 103.50 level, key support is found at the 102.30 and 101.00 levels.
The USDJPY pair is only bullish while trading above the 103.50 level, key resistance is found at the 104.00 and 104.50 levels
