The US dollar has staged a major reversal against the Japanese yen currency, following an easing of tensions between the US and Iran. The USDJPY pair has now broken above the 108.90 level and could start to target towards the top its range, around the 109.70 level. A breakout above the 109.70 resistance level could cause the USDJPY pair to soar higher towards the 111.00 level.
The USDJPY pair is only bullish while trading above the 108.90 level, key resistance is found at the 109.70 and 110.20 levels.
The USDJPY pair is bearish while trading below the 108.90 level, key technical support is found at the 108.40 and 107.70 levels.
