The US dollar has started to recover against the Japanese yen currency, following last weeks sharp drop towards the 102.90 area. Technical analysis shows that the USDJPY pair is trapped inside a large falling wedge pattern between the 102.90 and 104.50 level. Traders may be waiting for a breakout from the mentioned trading range before to play the next strong directional move in the USDJPY pair.
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 102.90 and 101.50 levels.
