The US dollar is gaining upside traction against the Japanese yen and is trading over a one-hundred point higher away from the weekly low. Technical analysis shows that the pair is fast approaching the top of a large falling wedge pattern on the higher time frames. The pattern is showing that a major upside breakout could take place if the USDJPY pair breaks above the wedge, around the 104.50 level.
The USDJPY pair is only bearish while trading below the 103.50 level, key support is found at the 102.80 and 102.30 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
