The USD/JPY keeps its bullish momentum

On the daily chart of the USD/JPY we can see that the pair has accelerated its bullish momentum above the 110.00 level and comes very close to the 111.00 zone. The pair may find some resistance at the 111.00 level from where it may bounce to the downside. In case of a bearish pullback, the USD/JPY may fall to the 110.00 level, which may act as support. In the past, the 110.00 level acted as resistance and now it may change its function to support. Below the 110.00 level we can see that the pair has been oscillating around its 200 day EMA, blue line, therefore its next support level could be the low at the 108.63 level where we can also find the 55 day EMA, purple line. To the upside, in case of a bullish breakout above the 111.00 level, its next resistance could be the 112.00 level.