The US dollar is holding firm against the Japanese yen currency in early-week trade as the pair consolidates around a twelve- month high. The USDJPY pair has recently been rejected from an important trendline on the weekly time frame, which has been in play since 2018. If bulls can break above this trendline, around the 109.85 level, then the USDJPY pair could surge into a much higher price range.
The USDJPY pair is only bullish while trading above the 109.00 level, key resistance is found at the 109.85 and 111.00 levels.
The USDJPY pair is only bearish while trading below the 109.00 level, key support is found at the 108.40 and 107.60 levels.
