USD/JPY Pair Moved Further Into A Positive Zone Above The 110.00 Resistance Level

Technical analysis of Forex market

The US Dollar started a strong increase from the 108.80 support zone against the Japanese Yen. The USD/JPY pair broke the 109.00 and 110.00 resistance levels to move further into a positive zone.

It even surpassed the 110.50 resistance and settled above the 50 hourly simple moving average. A high is formed near 110.73 and the pair is currently consolidating gains. There is also a major bullish trend line with support near 110.50 on the hourly chart.

If there is a downside correction, the trend line could provide support near 110.50 on FXOpen. Any more losses might call for a test of the 110.00 support or the 50 hourly simple moving average.

On the upside, an immediate resistance is near the 110.75 level, above which the pair could accelerate higher towards 111.00. The next major stop for the bulls could be 112.00 in the coming days.