The US dollar is looking more bullish against the Japanese yen currency after the pair surged above the former weekly high after the FOMC rate decision. A bearish head and shoulders pattern has been invalidated after the price moved above the 110.30 resistance level. According to the overall size of the invalidated pattern the USDJPY pair could rally towards the 111.30 price area.
The USDJPY pair is only bullish while trading above the 109.30 level, key resistance is found at the 110.90 and 111.30 levels.
The USDJPY pair is only bearish while trading below the 109.30 level, key support is found at the 108.80 and 108.30 levels.
