USD/JPY Technical Analysis: Greenback bulls wake up and test weekly high near 110.00 level

  • USD/JPY is currently testing the weekly high at 110.05. 
  • USD/JPY broke above the bearish trendline and is currently trading above the 200-period simple moving average on the 15-minute time-frame suggesting a bullish bias for the coming sessions. 
  • USD/JPY exceeded its average daily range as it tested Monday’s high, therefore it is reasonable to expect some profit-taking in the coming hours.  

USD/JPY 15-minute chart

Spot rate:                 109.95     

Relative change:      0.16%     
High:                        110.06
Low:                         109.37

Trend:                       Bullish

Resistance 1: 109.90-110.00 supply level, figure
Resistance 2: 110.21 June 22 high
Resistance 3: 110.56 supply level

Support 1: 109.48-109.55, daily 50-period SMA June 19 low 
Support 2: 109.20 June 8 low  
Support 3: 108.70 demand level 

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