Possible resistance on the USD/JPY

On the daily chart of the USD/JPY we can see that the pair made a good bullish retracement from the low that it touched at the 109.12 level on June 7^th, but once it got to the 110.32 level, it stalls its bullish momentum on that zone, which was a good support in the past and that now it could act as resistance. If the pair bounces to the downside from the 110.32 level, then it could be completing a breakout and pullback pattern, which could take the USD/JPY back to the 109.12 level. The 109.12 level could act as support, but in case it breaks that level to the downside, the next support level could be the 108,14 level. The stochastic indicator has come out of the oversold area very strongly and it could be indicating a bullish continuation of the price. If the pair continues rallying, then the 55 day exponential moving average (purple line) at the 111.2 level could act as resistance. Above the 55 day EMA, its next resistance could be the 113.00 level.