USD/JPY Technical Analysis: 109.00 handle line-in-the-sand for further gains

• USD/JPY is trading in a range between the 108.10 and the 109.00 handle as bulls are gathering momentum to potentially break above the 109.00 level.
• USD/JPY found some support at the daily 50 and 100-period simple moving averages.

USD/JPY 15-minute chart

Spot rate:                108.80
Relative change:    -0.01%      
High:                         109.02
Low:                           108.38

Trend:                        Neutral

Support 1:                108.40 current Thursday’s low
Support 2:                108.10 current week’s low
Support 3:                107.00 handle, previous congestion zone

Resistance 1:         109.55 May 23 low
Resistance 2:         111.00 handle
Resistance 3:         111.41 May 21 high