The US dollar is building upside momentum against the Japanese yen currency, following the recent bullish breakout above the 105.80 level. Technical analysis shows that the pairs 200-day moving average, around 107.40, is the likely bullish target in the medium-term. USDJPY buyers need to hold price above the 106.40 level to encourage buying towards the 200-day moving average.
The USDJPY pair is only bearish while trading below the 105.80 level, key support is found at the 105.40 and 105.00 levels.
The USDJPY pair is only bullish while trading above the 105.80 level, key resistance is found at the 106.40 and 107.40 levels.
