USD/JPY Technical Analysis: Greenback bulls looking for a breakout above 109.84

• USD/JPY is trading above its 200-period simple moving average (4-hour) suggesting bullish momentum. However, USD/JPY is having a hard time to break above the 109.84 level, 100-period SMA (4-hour).
• USD/JPY found some support at 109.68, the 50-period simple moving average (1-hour) and at the 200-period SMA on the 15-minute chart.
• Bulls will need to strongly break above the 109.84 and 110.00 handle if they want to extend the current uptrend towards 110.79 May 22 low.
• A failure to break the 110.00 handle can see USD/JPY stay in a tight range above the current daily low at 109.60. A break below the level can open the gates to the 109.00 handle support.

USD/JPY 15-minute chart

Spot rate:                109.79
Relative change:    -0.01%     
High:                       110.02
Low:                        109.60

Trend:                     Bullish

Support 1:              109.68, 50-period SMA (1-hour)
Support 2:              109.00 handle
Support 3:              108.40 May 31 low

Resistance 1:         109.84-110.00 area, 100-period SMA (4-hour) and handle.
Resistance 1:         110.30 demand zone mid-May
Resistance 3:         110.79 May 22 low
Resistance 3:         111.41 May 21 high