USD/JPY: Above 109.38 could extend its advance towards 110.00

USD/JPY could extend its advance towards the 110.00 price zone once above 109.38, the daily high, in the opinion of Chief Analyst at FXStreet Valeria Bednarik.

Key quotes

“The USD/JPY pair is neutral-to-bullish as the 4-hour chart shows that the pair is comfortable above all of its moving averages for the first time in over a week.” 

“Technical indicators hold directionless well above their midlines, indicating the absence of selling interest.” 

“The pair would need to accelerate through the daily high at 109.38 to gather additional momentum and extend its advance toward the 110.00 region.”

“Support levels: 108.70 108.25 Resistance levels: 109.40 109.80”