The US dollar is appearing more bullish against the Japanese yen currency as the pair continues to hold above the 110.30 level despite yesterday’s move lower in the greenback. The four-hour time frame shows that a huge head and shoulders pattern will be invalidated if the price moves above the 110.90 level. Looking at the overall size of the pattern, gains above the 110.90 resistance level could cause a massive rally towards the 113.00 level.
The USDJPY pair is only bullish while trading above the 109.70 level, key resistance is found at the 110.90 and 112.00 levels.
The USDJPY pair is only bearish while trading below the 109.70 level, key support is found at the 109.30 and 108.50 levels.
