USDJPY approaching resistance, watch for breakout!

USDJPY is approaching our first resistance at 109.25 (horizontal overlap resistance, 50% Fibonacci retracement, 61.8% Fibonacci extension) and a breakout above this level might cause a strong rally to occur, pushing price up to our major resistance at 110.32 (horizontal overlap resistance, 61.8% Fibonacci retracement). Ichimoku cloud is also showing signs of bullish pressure in line with our bullish bias.

RSI (34) is also seeing a bullish exit and we might see a corresponding rise in price.

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