• The USD/JPY pair continued to advance further on Friday, as the dollar regained streaths across the board after risk appetite increased following yesterday’s dovish ECB press conference.
   
• The pair reached a daily high of 111.39 after the US market opened, but slightly retreated back towards 111.26.
   
• The short term picture however, is strongly bullish, as the support level at 110.00 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 110.44, a break below this level will expose the pair towards next support level located at 110.00 levels.
   
• Major resistance can be seen at 111.81, a break above this level will open the gates towards 112.00 levels.
  
  Resistance Levels
  
  R1: 111.21 (38.2% Retracement Level)
  
  R2: 111.81 (23.6% Retracement Level)
  
  R3: 112.00 (April 4th high)
  
  Support Levels
  
  S1: 110.88 (50% Retracement Level)
  
  S2: 110.44 (61.8% Retracement Level)
  
  S3: 110.00 (Psychological levels)