The US dollar moved to a new yearly high against the US dollar yesterday, around the 109.36 level, setting the pair up for more upside this week. A bullish reversal pattern on the four-hour time frame is suggesting that the USDJPY pair could still rally towards the 110.00 level. Traders should also note that an important trendline breakout is in play while the price trades above the 108.80 level.
The USDJPY pair is only bullish while trading above the 108.80 level, key resistance is found at the 109.35 and 110.00 levels.
The USDJPY pair is only bearish while trading below the 108.80 level, key support is found at the 108.40 and 108.00 levels.