USD/JPY Technical Analysis: Bulls eager to break above 112.00 figure

  • USD/JPY main bull trend is taking a breather since mid-July as the market has entered a trading range.
  • USD/JPY bulls are trying to break above the bear trendline from July 17 but they will also have to break above the 112.00-112.17 zone (figure and August 1, swing high) if they wish to resume the bull trend. The RSI, MACD and Stochastics indicators remain constructive to the upside. 
  • However, the 50, 100 and 200-period simple moving averages are flat suggesting that there is not yet convincing momentum in the market.

USD/JPY 4-hour chart

Spot rate:                 111.53
Relative change:      0.38%     
High:                        111.58
Low:                         110.05

Main trend:               Bullish 
Short-term trend:      Neutral

Resistance 1:    111.54 August 6, high 
Resistance 2:    111.84 August 29 swing high
Resistance 3:    112.00-112.17 zone, figure and August 1, swing high
Resistance 4:    112.40 supply level
Resistance 5:    113.18, 2018 high

Support 1:    111.45 August 8 high
Support 2:    111.00 figure
Support 3:    110.75, July 23 swing low
Support 4:    110.00 figure
Support 5:    109.37 June 25 low

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