The US Dollar remained in a positive zone above the 108.50 area against the Japanese Yen. The USD/JPY pair gained traction after it broke the 108.80 resistance area.
Moreover, there was a close above the 108.80 resistance and the 50 hourly simple moving average. The pair traded as high as 109.14 and it is currently consolidating gains above the 109.00 support.
On the downside, there is a key support forming near the 109.00 level and a major bullish trend line on the hourly chart. The next immediate support is near the 108.95 level and the 50 hourly simple moving average.
If there is a clear break below the trend line and 108.95, the pair could correct towards 108.50. Conversely, there are chances of more gains above the 109.15 and 109.20 levels in the near term. The next key resistance is near 109.40.
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