USD/JPY Technical Analysis: USD/JPY supported above 111.00 level
|- USD/JPY is in its fourth day of consolidation after the currency pair broke to the upside on July 31.
- USD/JPY is struggling to find a clear direction, however, bulls have a slight advantage as they have the long-term trend on their side.
- Bulls objective is to reconquer the 111.82-112.00 area to target 113.18, the 2018 high. Bears want a bear breakout below the 111.02-111.16 area in order to initially retake the swing low at 110.58.
USD/JPY daily chart
Spot rate: 111.39
Relative change: 0.15%
High: 111.54
Low: 111.14
Trend: Neutral to bullish
Resistance 1: 111.39 May 21 swing high
Resistance 2: 111.64 supply/demand level
Resistance 3: 111.82-112.00 area, supply level and figure
Resistance 4: 112.19-112.40 area, July 11 high and intraday swing low
Resistance 5: 112.64 July 12 high
Resistance 6: 113.18, 2018 high
Resistance 7: 113.26-113.38, 200-weekly simple moving average and January 8 high
Resistance 8: 114.45 October 27, 2017 high
Support 1: 111.02-111.16 area, figure and current August 6 low
Support 2: 110.90 June 15 swing high
Support 3: 110.75, July 23 low
Support 4: 110.58 July 26 swing low
Support 5: 110.27 July 4 low
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.