The US dollar is preparing for its next major move against the Japanese yen currency as the pair trades in a extremely tight price range. A coming rally towards the 112.00 level still remains possible after a bearish head and shoulders pattern was recently invalidated. Traders that are bullish towards the USDJPY pair may buy into any pullback towards the 110.10 support level in expectation of 112.00 eventually being hit.
The USDJPY pair is only bullish while trading above the 110.10 level, key resistance is found at the 110.95 and 112.00 levels.
The USDJPY pair is only bearish while trading below the 110.10 level, key support is found at the 109.80 and 109.30 levels.
