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Major resistance – 109.45 (trend line joining 109.86 and 109.48, 38.2% retracement of 111.58 and 108.13).
USD/JPY has shown a jump for past two days after forming a bottom at 108.13. The pair made a high of 109.48 and slightly declined from that level. It is currently trading around 109.33.
Any break above 109.45 will take the pair till 109.86 (50% retracement of 111.58 and 108.13)/110.95 (23.6% retracement of 115.51 and 108.13).
On the lower side, minor support is around 108.72 and any break below will drag the pair till 108/107.30 (161.8% retracement of 109.48 and 108.13).
It is good to buy above 109.45 with SL around 109 for the TP of 110/110.95
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