USD/JPY Technical Analysis: 111.30/40 becomes an immediate challenge for the bulls

• USD/JPY trades around 111.00 during initial Asian trading on Tuesday.
• The pair registered flash 2019 high on Monday and is positive so far during today.
• The 14-day relative strength index (RSI) is gradually increasing and optimism surrounding the US-China trade deal may help the pair to extend its upside momentum.
• However, the 111.30/40 region, comprising 200-day simple moving average (SMA) and highs marked during late-December coupled with October lows, could become crucial resistance for the bulls to conquer.
• Should the pair crosses 111.40, 111.60 and 111.80 may offer intermediate halts ahead of visiting 112.00 round-figure.
• Additionally, pair’s extended rise over 112.00 might not hesitate to challenge 112.20 and 112.80 numbers to the north.
• Meanwhile, 110.90, 110.50 and 110.30 are likely nearby supports to follow during the pair’s pullback ahead of highlighting the 50-day SMA level of 109.90.
• In a case prices slide under 109.90, an upward sloping support-line stretched since early January, at 109.50, could become crucial to watch.

USD/JPY daily chart