USD/JPY Technical Analysis: Bull breakout confirmed, but Bollinger band is capping gains
|- The USD/JPY is eyeing a break above 112.00, having witnessed a bull flag-breakout on the hourly chart in the US session yesterday.
- However, the upside has been capped by the upper Bollinger band (standard deviation of +2, -2 on the 20-hour moving average).
- So, what bull need now is a convincing move above the resistance of the upper Bollinger band, currently located at 111.81.
Hourly chart
Spot Rate: 111.70
Daily High: 111.78
Daily Low: 111.61
Trend: Bullish above 111.81
111.81 (resistance of the hourly chart Bollinger band)
112.15 (August 1 high)
112.56 (76.4 percent Fibonacci retracement of the drop from 113.18 to 110.59)
Support
111.51 (100-hour moving average)
111.29 (200-hour moving average)
110.73 (July 31 low)
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