USD/JPY — Bullish Bias With A Major Obstacle Nearby

The relatively easier gains in the pair have been made and it should get much harder to make progress from here on out even if the signals via the DXY and US fixed income continue to support the buying on dips campaigns based on the universal 5-DMA upward slopes we are seeing. The acceleration from Friday stopped on its tracks around the 109.80, with the close unable to achieve any higher levels. This is significant as the level coincides with the backtest of a major swing low from back in Aug 21st now turned resistance.