USD/JPY Technical analysis: bulls target the 114.73 November 2017 high

  • The downtrend is being eroded on the weekly sticks.
  • Targets the 113.27 the 200-week ma before the 114.73 November 2017 high.

Spot rate:              112.64

High:                     112.70
Low:                      112.51

Trend: Bullish daily, although 5-min chart RSI turning out of overbought territory, leaning bearish. 

Resistance 1: 112.70
Resistance 2: 200-week moving average at 113.27
Resistance 3: major resistance at 114.00-25

Resistance 4: 114.735 November 2017 high.

Support 1: 112.50
Support 2: 111.90
Support 3: 111.39/58 recent high and the 2015-2018 downtrend,

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