• The USD/JPY pair inched higher towards 109.80 on Thursday, a fresh 2-week high, as demand for risker assets increased following yesterday’s positive US housing data.
   
• The major pair traded higher for most of the day, hitting high at 109.80 in the early Asian sessions before slipping back towards 109.30 in US session.
   
• The short term picture however, is still bullish, as the support level at 109.15 is set to hold the bears from falling further below and push the pair towards higher levels in the short term.
   
• Strong support can be seen at 109.05, a break below this level will expose the pair towards next support level located at 108.43 levels.
   
• Major resistance can be seen at 109.83, a break above this level will open the gates towards 110.00 levels.
  
  Resistance Levels
  
  R1: 109.83 (38.2% Retracement Level)
  
  R2: 110.00 (Psychological levels)
  
  R3: 110.29 (23.6% Retracement Level)
  
  Support Levels
  
  S1: 109.30 (Daily lows)
  
  S2: 109.05 (50% Retracement Level)
  
  S3: 108.43 (April 20th)