USD/JPY Technical Analysis: Greenback bulls looking to grind it out to 2018's highs

2018's high set in early January lies close at hand, but yesterday's failure to claim the key level is seeing a minor pullback underway on the intraday charts.
July has seen the Dollar rise against the JPY in one-sided trading, with little sign of a technical slump yet to develop.
Markets continue to price in a strong, steady rate hike path for the US Fed looking forward; a missed rate hike or dovish turn to the central bank could see the bull-ride end quickly.

Joshua Gibson FXStreet

USD/JPY Chart, 15-Minute

Spot rate:	112.70
Relative change:	-0.08%
High:	112.86
Low:	112.66

Trend:	Bullish

Support 1:	112.17 (current week low)
Support 2:	111.66 (61.8% Fibo retracement level)
Support 3:	110.76 (July 11th swing low)

Resistance 1:	112.86 (current day high)
Resistance 2:	113.13 (current week high)
Resistance 3:	113.38 (2018 high; major technical top)

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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