The US dollar has started to break out against the Japanese yen currency following a confirmed move above the 104.50 resistance level. The technical analysis highlights that a bullish breakout has taken place from a falling price channel, following months of trading action inside the pattern. If the move higher continues to gain upside momentum then the USDJPY pair could explode higher.
The USDJPY pair is only bullish while trading above the 104.30 level, key resistance is found at the 105.00 and 105.50 levels.
The USDJPY pair is only bearish while trading below the 104.30 level, key support is found at the 104.10 and 103.90 levels.