USD/JPY Broke Above 110.10

Today USD/JPY managed to break above the resistance level at 110.10 and the pair continued moving to the upside. I think that at this point it is safe to say that the double bottom that was visible on the four-hour time-frame has been confirmed, the overall bearish trend has paused for now and correction has begun. The pair will likely continue climbing towards the next long-term resistance level at 113.80, which coincides with (MA)89 on the daily time-frame. A breakout above that level could very well lead to a further rise towards the (MA)89 on the weekly time-frame, which is at 115.00 and I wouldn’t be surprised if that happened.