The US dollar has made solid gains against the Japanese yen currency during the European session as the greenback firms against most major currencies. Lower time frame analysis shows that a bullish inverted head and shoulders pattern has been activated while the price trades above the 108.95 level. According to the overall size of the pattern, the USDJPY pair could target the 110.55 resistance area.
The USDJPY pair is only bullish while trading above the 108.95 level, key resistance is found at the 110.00 and 110.55 levels.
The USDJPY pair is only bearish while trading below the 108.95 level, key support is found at the 108.60 and 108.10 levels.
