USDJPY bullish pattern forming
The US dollar is once again testing the key 110.00 level against the Japanese yen currency after sellers failed to breach the pivotal 109.60 level on Wednesday. A bullish inverted head and shoulders is visible on the four-hour time frame, with a protected upside target of around one-hundred and fifty points. An advance above the 110.00 level is supported by the recent strong move higher in the US dollar, as it continues to firm against a basket of top currencies.
The USDJPY pair is bullish while trading above the 110.00 level, key technical resistance is found at the 110.40 and 110.80 levels.
If the USDJPY pair fails to move above the 110.00 level, sellers may test towards the 109.60 and 109.14 support levels.