The US dollar is looking bullish against the Japanese yen currency as the greenback firms after yesterday’s much stronger than expected monthly CPI number. The USDJPY pair is increasingly likely to test towards the 110.00 level before a meaningful pullback occurs. The bigger picture still shows that an extremely large head and shoulders pattern is valid while the pair trades under the 111.00 level.
The USDJPY pair is only bullish while trading above the 108.95 level, key resistance is found at the 109.70 and 110.00 levels.
The USDJPY pair is only bearish while trading below the 108.95 level, key support is found at the 108.60 and 108.40 levels.
