The US dollar has started the new trading week on strong footing against the Japanese yen currency, following the bullish stimulus news over the weekend. A bullish inverted head and shoulders pattern continues to play out, with the 109.00 level the next major target. Failure to hold the USDJPY pair above the 108.60 level could provoke a technical retest of the 107.00 support zone.
The USDJPY pair is only bearish while trading below the 107.00 level, key support is found at the 106.80 and 106.40 levels.
The USDJPY pair is only bullish while trading above the 107.00 level, key resistance is found at the 109.00 and 110.00 levels
