USD/JPY Technical Analysis: Bullish trend continues to ride as bidders keep a steady hand

  • Rising channel remains in-play, though buyers will be looking to jump in closer to the lower boundary.
  • Hourly indicators are beginning to rollover in oversold territory.
  • Broader sentiment to run the pair with US Retail Sales data quickly following yesterday's FOMC rate hike of 25 bps.

USD/JPY Chart, 1-Hour

Spot rate: 110.20
Relative change: -0.10%
High: 110.36
Low: 110.08

Trend: Bullish

Support 1: 109.83 (61.8% 1-Week Fibonacci retracement level)
Support 2: 109.20 (current week low)
Support 3: 108.11 (one month low)

Resistance 1: 110.84 (current week high)
Resistance 2: 111.13 (R3 1-Day pivot)
Resistance 3: 111.39 (one month high)

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