The greenback has climbed to a fresh monthly trading high against the Japanese yen currency, although buyers have so far failed to perform a higher time frame price close above the 114.00 level. If we see a move towards the 114.54 level, the chances increase that an inverted head and shoulders pattern will start to form. Overall, the USDJPY pair is intraday bullish while trading above the 113.81 level and continues to create bullish higher highs as illustrated in the four-hour time frame chart below.
The USDJPY pair is bullish while trading above the 113.79 level, key technical resistance is now found at the 114.19 and 114.54 levels.
If the USDJPY pair trades below the 113.79 level, sellers may target the 113.60 and 113.37 support levels.
