FxWirePro: USD/JPY consolidating around 111.62, bias is bullish

• USD/JPY rose on Wednesday as dollar rose to session highs against the yen on Wednesday, extending its earlier gains after data showed U.S. existing home sales posted a surprise increase in May, soothing some concerns about a real estate slowdown.
   
• U.S. home resales unexpectedly rose in May to the third highest monthly level in a decade and a chronic inventory shortage pushed the median home price to an all-time high.
   
• The National Association of Realtors said on Wednesday existing home sales increased 1.1 percent to a seasonally adjusted rate of 5.62 million units last month.
   
• The ongoing upside is set to continue for this pair as the support level at 110.38 is likely to act as strong barrier to the bears and push the pair towards higher levels.
   
• To the upside, the strong resistance can be seen at 112.11, a break above this level would take the pair towards next resistance level at 112.63.
   
• To the downside immediate support can be seen at 111.10, a break below this level will open the door towards next level at 110.38.
  
  Resistance Levels
  
  R1: 111.77 (50% Retracement Level)
  
  R2: 112.11 (May 24th high)
  
  R3: 112.63 (23.6% Retracement Level)
  
  Support Levels
  
  S1: 111.10 (50% Retracement Level)
  
  S2: 110.38 (61.8% Retracement Level)
  
  S3: 110.00 (Psychological levels)

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