USDJPY pushes higher continuing a two-week uptrend which commenced on March 9 from the 101.17 multi year low. The move seems to be backed by positive momentum within the upward sloping Ichimoku lines, as well as the bullish crossover of the 100-period simple moving average (SMA) by the 50-period one.
Furthermore, the short-term oscillators also reflect a strengthening picture. The rising RSI looks to reclaim its 70 mark, while a bullish crossover between the inclining stochastic lines, heads for the 80 overbought zone.
To the upside, initial opposition could come from the 111.50 high and if surpassed, the bulls could face a tough region above, of congested resistance from the 112.22 ten-month high towards the 112.66 level from December 2018, which also encapsulates the April 2019 obstacle of 112.40.
If sellers take control and steer below the Tenkan-sen line, initial support could come from the 109.66 and 109.32 troughs, which also involve the supportive trend line. Breaking below, the 108.57 inside swing high, coupled with the 200-period SMA could halt further loss of ground towards the 107.74 swing low, where the 50-period SMA is also located.
Overall, the near-term picture remains strongly bullish above the 108.57 mark and the supportive trend line, while a break above 111.50 would reinforce this outlook.
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