USDJPY Crucial Test Ahead

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The US Dollar declined recently towards 110.60 against the Japanese Yen where it found support and started moving higher.
 
There was a break above a bearish trend line at 111.20 on the hourly chart of USDJPY, which has opened the doors for more gains in the near term.
 
However, the pair is approaching a major resistance near 111.55-60, the 100 hourly simple moving average and the 50% Fib retracement level of the last decline from the 112.41 high to 110.61 low. If buyers are able to break the 111.60 resistance, there are chances of more gains towards 112.00 in the near term.

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