USD/JPY Technical Analysis: Mission accomplished as bulls reach 112.05 resistance
|- USD/JPY reached the 112.05 resistance, the February 2 low and is now consolidating below the level. USD/JPY current daily high is 112.19.
- The momentum is strong and more up can be expected in the coming days as USD/JPY has broken out from a daily triangle formation.
- USD/JPY has more than doubled its average daily range and a correction towards 111.60-111.80 area can be expected.
USD/JPY 15-minute chart
Spot rate: 112.01
Relative change: 0.90%
High: 112.19
Low: 110.76
Trend: Bullish
Resistance 1: 112.05 February 2 low
Resistance 2: 112.63 January 10 open
Resistance 3: 113.00 figure
Support 1: 111.60-111.80 area, 23.6% and 23.2% Fibonacci retracement low/high July 11
Support 2: 111.39 May 21 swing high
Support 3: 111.02-111.16 previous intraday swing lows
Support 4: 110.90 June 15 swing high
Support 5: 110.62-75 supply level and June 21 high
Support 6: 110.40 supply/demand level
Support 7: 110.21 June 22 high
Support 8: 109.90-110.00 area supply level and figure
Support 9: 109.55 June 19 low
USD/JPY daily chart
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