The US dollar continues to trade to the upside against the Japanese yen, as buyers again stepped in from the psychological 109.00 level early today. The USDJPY pair currently trades around the 109.30 level, with buyers now trying to negate the two bearish daily reversal candles. Moving into the U.S session, traders await key US inflation data, with the 109.46 level the key upside level to watch.
The USDJPY pair remains bullish while trading above the pivotal 109.00 handle, key resistance is now located at the 109.48 and 109.78 levels.
If the USDJPY pair moves below the 109.00 level for a sustained period, sellers are likely to target the 108.80 and 108.50 levels.
