The US Dollar started a steady upward move from the 109.65 support area against the Japanese Yen. The USD/JPY pair surpassed the 110.00 resistance area to move into a positive zone.
Moreover, the pair settled above the 110.00 barrier and the 50 hourly simple moving average. It traded as high as 110.11 and it is currently correcting lower. It tested the 23.6% Fib retracement level of the recent upward move from the 109.86 low to 110.11 high on FXOpen.
However, there are many supports on the downside near the 109.95 and 109.90 levels. Besides, the previous key resistance near the 109.94 level is likely to act as a strong support area.
Overall, the current trend is positive for USD/JPY and the pair is likely to rally above the 110.15 and 110.20 levels in the coming sessions unless it dives below 109.90.
