The US dollar is consolidating around the top of its yearly trading range against the Japanese yen currency, as the breakout up move pauses. The USDJPY pair is currently trapped within a symmetrical triangle pattern across the lower time frames, between the 110.55 and 110.85 level. Watch out for a minimum 30 pip directional move to take place once a breakout from the triangle occurs.
The USDJPY pair is only bullish while trading above the 110.55 level, key resistance is found at the 110.85 and 111.35 levels.
The USDJPY pair is only bearish while trading below the 110.55 level, key support is found at the 110.25 and 110.00 levels.
