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  • USD/JPY recovery extends into Wednesday’s trading session. 
  • The level to beat for bulls is the 109.92 resistance.

USD/JPY daily chart

USD/JPY rose sharply back above the main simple moving averages (SMAs) as the market switched to a risk-on mood. 

USD/JPY four-hour chart

As the market is spiking to the upside, the upmove could extend on a break above the 109.92 resistance towards the 110.30/49 price zone. Retracements could find support near the 109.65, 109.46 and 109.30 levels, according to the Technical Confluences Indicator.
Resistance: 109.92, 110.30, 110.49
Support: 109.65, 109.46, 109.30

Additional key levels