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USD/JPY corrected extreme overbought conditions and holds on to bullish ground. Valeria Bednarik, a Chief Analyst at FXStreet, examines the USD/JPY pair from a technical perspective.

Key quotes

“The 4-hour chart shows that it held above all of its moving averages, with the 20 SMA maintaining its bullish slope above its 100 and 200 SMA.” 

“Further gains are to be expected on a break above 110.30, the immediate resistance, with the market pushing for a re-test of 112.22, February monthly high.”

“Support levels: 108.90 108.45 Resistance levels: 110.30 110.65”