The US dollar has staged a strong recovery against the Japanese yen currency back above the 104.00 level, following a brief dip towards the 103.60 level. The USDJPY pair has moved back into range-bound trading conditions and may remain trapped until a definitive breakout from the 103.60 to 104.50 range is broken. A large falling wedge pattern is also suggesting that the range breakout may eventually be to the upside.
The USDJPY pair is only bullish while trading above the 104.50 level, key resistance is found at the 104.90 and 105.50 levels.
The USDJPY pair is only bearish while trading below the 104.50 level, key support is found at the 103.80 and 103.60 levels.
