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.

Flavio Tosti Independent Analyst

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

Author

Flavio Tosti

Independent Analyst

GBP/USD retreats from weekly high vs firmer USD as focus shifts to BoE, US data

The GBP/USD pair struggles to capitalize on the previous day's strong move up to the weekly high and drifts lower during the Asian session on Thursday. Spot prices currently trade around mid-1.3300s, down over 0.10% for the day, and, for now, seem to have stalled the recovery move from a nearly four-week low, touched on Tuesday.

EUR/USD edges lower to near 1.1450 as Fed holds rates steady, traders await Eurozone and German GDP

The EUR/USD pair trades with mild losses around 1.1465 during the early Asian session on Thursday. The US Dollar edges higher against the Euro on a hawkish Federal Reserve rate hold. Traders brace for the preliminary readings of the Gross Domestic Product for the second quarter from Germany and the Eurozone.

Gold eyes $4,000 and US GDP amid fresh US-Iran tensions

Gold faces rejection once again above $4,100 in the aftermath of the Fed verdict-led volatility. The US Dollar pauses post-FOMC sell-off as the US launches fresh strikes on Iran. A daily closing above $4,100 and the RSI above 50 are needed to negate Gold’s bearish outlook.

WTI falls below $83.00 despite hostilities in the Middle East

West Texas Intermediate, the US crude oil benchmark, is trading around $82.80 during the early Asian trading hours on Thursday. WTI falls amid some profit-taking despite escalating conflicts in the Middle East. Traders book some profits following the US Federal Reserve interest rate decision.

Fed review: Reversing course (?)

At face value, the FOMC's 9-3 split decision hold was exactly in line with the expectations we laid out in our Fed preview - a divided hold, 22 July. We also named the three dissenters - Hammack, Logan and Kashkari - as the most likely hawks to support rapid tightening.

US Dollar mid-year outlook: Exceptional currency, exceptional risks?

The US Dollar enters the second half of 2026 in a markedly different position from a year ago. The King currency has recovered, reflecting persistent US inflation, changing expectations for Fed policy, geopolitical tensions and renewed demand for defensive assets.