Current Trend: Bullish

Relevant Key Levels: Resistance at 111.000 and 112.400. Support at 109.700 and 108.400

USD/JPY finally broke above the trendline that extends from November 2018. The daily close above this confluent level (109.500 to 109.700) may support the bulls.

The bias is bullish whilst prices remain above both the 109.700 support level and the trendline.

Buyers could be expected to wait for a retracement around 109.700 support area and enter the market, targeting a move towards the 111.000 region and further to 112.400. A daily close below the 109.500 area may attract sellers and trigger a move to 108.440.