USD/JPY Pair Started a Steady Increase from 109.40 Support

Technical analysis of Forex market

The US Dollar started a steady increase from the 109.40 support zone against the Japanese Yen. The USD/JPY pair even climbed above the 109.80 level to move into a positive zone.

The pair is now trading above 110.00 and the 50 hourly simple moving average. There is also a major bullish trend line forming with support near 110.02 on the hourly chart.

On the upside, an initial resistance is near the 110.20 level. If there is an upside break above the 110.20 level, the pair could rise towards the 110.50 resistance. The next major resistance is near 110.80 on FXOpen.

An initial support on the downside is near the 110.00 level and the 50 hourly SMA, below which USD/JPY might drop towards the 109.80 support. The next major support sits near the 109.50 level.