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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.
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
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