The ongoing upbeat momentum in the USD/JPY pair gained further traction in the last hour as the rebound in oil prices gather pace and triggered a renewed risk-on wave across the markets. USD/JPY extends beyond 109 handle The Japanese yen continues to remain relentlessly offered amid a classic risk-on theme persistent in Europe, as the European equities rebound higher in tandem with the oil prices. In times of risk-friendly market conditions, traders prefer to take the yield advantage and surrender the safe-haven assets in favour of higher-yielding/ risk assets. At the time of writing, USD/JPY climbs to 109.38, easing slightly from fresh two-day tops reached at 109.45, still up 0.52% on the day. Next of relevance for the major remains the US housing starts and building permits data lined up for release in the NY session. Besides, the developments surrounding oil and stock markets will be closely monitored by the markets. USD/JPY Technical levels to watch In terms of technicals, the immediate resistance is located at 109.50/ 55 (daily R1). A break above the last, the major could test 109.77/110.04 (Apr 15 high/ 20-DMA). While to the downside, the immediate support is seen at 108.70/65 (1h 200-SMA/ 10-DMA) and below that at 108.57/50 (Apr 15 low/ psychological levels). For more information, read our latest forex news.