USD/JPY Price Analysis: Bulls aim for 109.90 resistance

• USD/JPY struggles to extend Fed-led gains, picks up bids of late.
• 200-SMA, fortnightly trend line portray short-term key hurdle to the north.
• Five-week-old horizontal support, bullish MACD signals restrict bear’s entry.

USD/JPY flirts with a short-term key resistance around 109.85-90 amid an off in Japan.

That said, 200-SMA and a downward sloping trend line from September 08 guards immediate upside heading into Thursday’s European session.

Even so, bullish MACD and pair’s ability to stay beyond Tuesday’s peak near 109.70 keeps buyers hopeful.

Hence, a clear upside break of 109.90 is necessary for the USD/JPY buyers to challenge the monthly top surrounding 110.45. Following that, the last month’s peak of 110.80 will be on the cards.

On the flip side, pullback moves below 109.70 immediate support could reprint 109.40 on the chart.

However, a horizontal region stretched from mid-August around 109.10, followed by August month’s low near 108.70, will challenge the USD/JPY sellers afterward.

USD/JPY: Four-hour chart

Trend: Further upside expected