The US dollar is rising against the Japanese yen currency once again due to overall strength in the greenback and bears failure to stage a breakout below the 108.40 level earlier this week. The four-hour time frame currently shows that a large sized head and shoulders pattern is close to be invalidated. According to the overall size of the pattern, the invalidation target is around 95 pips.
The USDJPY pair is only bullish while trading above the 108.70 level, key resistance is found at the 109.35 and 109.95 levels.
The USDJPY pair is only bearish while trading below the 108.70 level, key support is found at the 108.40 and 107.60 levels.
