USD/JPY Price Analysis: Advances towards fortnightly hurdle above 110.00

• USD/JPY takes the bids to refresh weekly high.
• Upbeat Momentum favors further upside towards an ascending trend line from August 19.
• Bears need to conquer the monthly support line for conviction.

USD/JPY rises to 110.25, up 0.21% intraday, while portraying a three-day uptrend to refresh the week’s top ahead of Wednesday’s European session.

The major currency pair’s sustained trading beyond a monthly support line and upbeat Momentum line favors the bulls.

However, an upward sloping resistance line from August 19, near 110.30 guards the quote’s immediate upside ahead of multiple levels marked on August 12 around 110.50.

Should the USD/JPY bulls cross 110.50, August month’s peak of 110.80 and June’s high surrounding 111.15 will be in focus.

Alternatively, pullback moves may dwindle around 50% Fibonacci retracement of early August upside, near 109.75, if not then a one-month-long support line close to 109.60 should be watched closely for the further downside.

In a case where USD/JPY bears dominate past 109.60, 61.8% Fibonacci retracement level of 109.50 and mid-August lows near 109.10 may act as intermediate halts during the targeted fall to the last month’s low near 108.70.

USD/JPY: Four-hour chart

Trend: Further upside expected