USD/JPY Technical Analysis: Greenback bulls reintegrate bullish channel near 110.50

USD bulls are currently trying to reintegrate the former bull channel. If they can bring the market above the 110.56 supply and potentially form a base in the 110.23-110.56 area, the bulls have a chance to bring USD/JPY back to the 111.00 figure and maybe to 111.41 May 21 high.
On the other hand, if USD bulls fail to break above the 110.23-110.56 area, it is reasonable to expect stalling movements or even a rotation down back towards the 109.50 level.

Flavio Tosti Independent Analyst

USD/JPY 15-minute chart

Spot rate: 110.43
Relative change: -0.12%
High: 110.46
Low: 109.84

Trend: Bullish

Resistance 1: 110.56 supply zone
Resistance 2: 110.92-111.00 last week’s high and figure
Resistance 3: 111.41 May 21 high
Resistance 4: 112.00 January 2 low

Support 1: 110.23-110.28 area, weekly 50-period SMA, daily 200-period SMA
Support 2: 109.90, daily 5-period SMA, 100-period SMA (1h)
Support 3: 109.37/47, daily 10 SMA

Author

Flavio Tosti

Independent Analyst

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