The USD/JPY pair is currently showing strong bullish momentum with a potential upward trend extension. The price, situated above a crucial ascending trend line, further supports this bullish tendency. The first support level is at 135.28, acting as a pullback support with a 38.2% Fibonacci retracement, suggesting likely price stability. The first resistance level at 136.14, a multi-swing high resistance, could pose a substantial barrier to further price increases. However, a bullish breakthrough could propel the price towards the second resistance level at 136.99. If the price fails to sustain above the first support, the second support at 134.80, an overlap support with a 61.8% Fibonacci retracement, could come into play.
