USD/JPY Technical Analysis: Quietly moving up as bulls are looking at July highs
|- USD/JPY bulls are extending the bull trend by keeping the market above the 112.50 resistance.
- USD/JPY is trading above its 50, 100 and 200-period simple moving averages (SMA) which are rising and widening confirming the bullish bias. The market is also trading above the bull trendline. If bulls are able to keep the market above 112.50 the next objective is 113.18, July high.
- However failure to break above 113.18 can lead to a rotation down towards 112.00 figure
USD/JPY 4-hour chart
Spot rate: 112.58
Relative change: 0.09%
High: 112.87
Low: 112.42
Main trend: Bullish
Resistance 1: 113.18, July high
Resistance 2: 114.00 figure
Resistance 3: 114.80 November 2017 high
Support 1: 112.50 figure
Support 2: 112.00-112.17 zone, figure and August 1, swing high
Support 3: 111.84 August 29 swing high
Support 4: 111.84 August 29 swing high
Support 5: 111.54 August 6, high
Support 6: 111.45 August 8 high
Support 7: 111.00 figure
Support 8: 110.75, July 23 swing low
Support 9: 110.00 figure
Support 10: 109.37 June 25 low
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