USD/JPY Technical Analysis: Back below 112.00, the bulls need to defend the support of April 5 high

Omkar Godbole FXStreet Contributor

USD/JPY has pulled back to 111.95, having tested Friday's high of 112.10 earlier today.

The bearish divergence of the hourly chart relative strength index (RSI) indicates scope for a further drop toward the former resistance-turned-support of 111.82 (April 5 high).

Acceptance below that level would invalidate the bullish higher high and higher low pattern confirmed by Friday's close at 112.05. It would also take the shine off the pair's strong bounce from the 50-day moving average seen last week and the bullish crossover of the 50- and 100-day moving average (MAs).

However, the pair will likely set a four-month high above 112.14 (March 5 high) if the support at 111.82 holds ground, reinforcing the bullish case put forward by the MA crossover and Friday's close at 112.05.

Hourly chart

Daily chart

Trend: Bullish on the defense of 111.82

USD/JPY

Overview
Today last price	111.95
Today Daily Change	-0.05
Today Daily Change %	-0.04
Today daily open	112

Trends
Daily SMA20	111.08
Daily SMA50	110.97
Daily SMA100	110.88
Daily SMA200	111.51

Levels
Previous Daily High	112.1
Previous Daily Low	111.58
Previous Weekly High	112.1
Previous Weekly Low	110.84
Previous Monthly High	112.14
Previous Monthly Low	109.71
Daily Fibonacci 38.2%	111.9
Daily Fibonacci 61.8%	111.78
Daily Pivot Point S1	111.69
Daily Pivot Point S2	111.38
Daily Pivot Point S3	111.18
Daily Pivot Point R1	112.21
Daily Pivot Point R2	112.41
Daily Pivot Point R3	112.72

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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