The US dollar has broken to the upside against the Japanese yen currency, following more bullish trade news regarding Sino-US trade talks. Now that bulls have broken above the 107.00 level the rally in the USDJPY pair could easily extend towards the 108.00 level. An inverted head and shoulders pattern on the lower time frames point to a potential move towards 108.80.
The USDJPY pair is bullish while trading above the 106.40 level, key resistance is found at the 108.00 and 108.80 levels.
The USDJPY pair is only bearish while trading below the 106.40 level, key technical support is found at the 106.00 and 105.40 levels.
