USD/JPY hit 2-week highs at 110.78 before paring some gains to currently trade at 110.70.
The pair finds major resistance at 110.75, break above could propel the pair higher.
Technical indicators on are biased higher. Stochs show momentum and strong above 60.
Breakout at resistance likely to see test of 111.40 (May 21 high) ahead of 112.57 (78.6% Fib).
On the flipside, rejection at resistance to see retrace till 21-EMA (110.10). Break below daily cloud to negate bias.
Support levels - 110.17 (200-DMA), 110.10 (21-EMA), 109.73 (cloud top)
Resistance levels - 110.75 ( resistance), 111, 111.40 (May 21 high)
Good to go long on breakout at resistance (110.75), SL: 110.15, TP: 111/ 111.40/ 112