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   “¢   The pair finally broke out of its multi-day consolidative trading range, held over the past one week or so, and jumped to fresh YTD tops during the mid-European session on Monday.

   “¢   A sustained move beyond the key 110.00 psychological mark was seen as a key trigger for intraday bullish traders and the latest leg of a sudden pickup over the past couple of hours.

   “¢   Technical indicators on the 4-hourly chart maintained their bullish bias and have also started gaining positive traction on the daily chart, supporting an extension of the positive momentum.

   “¢   The set-up now favours a move towards challenging an important confluence resistance – comprising of 55-day SMA and 61.8% Fibonacci retracement level of the 114.21-104.69 downfall.

   “¢   Despite the constructive outlook, slightly overbought conditions on the 1-hourly chart might turn out to be the only factor keeping a lid on any further up-move amid the prevalent risk-off mood.

USD/JPY daily chart

USD/JPY

Overview:
       Today Last Price:  110.19
       Today Daily change %:  0.36%
       Today Daily Open:  109.8
Trends:
       Daily SMA20:  109.42
       Daily SMA50:  110.41
       Daily SMA100:  111.74
       Daily SMA200:  111.27
Levels:
       Previous Daily High:  109.9
       Previous Daily Low:  109.65
       Previous Weekly High:  110.16
       Previous Weekly Low:  109.43
       Previous Monthly High:  110
       Previous Monthly Low:  104.75
       Daily Fibonacci 38.2%:  109.74
       Daily Fibonacci 61.8%:  109.8
       Daily Pivot Point S1:  109.66
       Daily Pivot Point S2:  109.53
       Daily Pivot Point S3:  109.41
       Daily Pivot Point R1:  109.92
       Daily Pivot Point R2:  110.03
       Daily Pivot Point R3:  110.17