The USDJPY pair has continued to advance higher during the Asian trading session, moving to 110.61, and finding intraday resistance from the 38.2 Fibonacci retracement of the recent 108.26 price low, to the 114.49 swing high.
At present, the USDJPY trades around the 110.50 level, with the pair receiving a major boost from U.S dollar index strength, after a better than expected U.S second quarter GDP report, and solid U.S private sector job increases, on Wednesday.
The USDJPY pair is currently bullish in the short and medium-term, with price-action now approaching major long-term technical resistance at the 110.80 level.
Multiple higher-time frame price closes above 110.80, should encourage further USDJPY buying towards the 111.40-50 region, where Fibonacci resistance, the 200-week moving average and the monthly pivot point are all located.
To the downside, key technical support is found at 110.40, and the daily pivot point, at 110.14. Below the 110.14 level, critical weekly USDJPY support is found at 109.80, and 109.42.
