USD/JPY Technical Analysis: Greenback falling back down to 112.00 figure

USD/JPY is trading below its 200-period simple moving average as the bulls didn’t manage to hold the market above 112.55 (September 27 low).
USD/JPY is holding just above the 112.00 figure while the RSI and Stochastic indicators have turned below the 50 line suggesting potential weakness in the market.
A break below 112.00 would open the doors to 111.84 (August 29 swing high) and 111.00 figure.

Flavio Tosti Independent Analyst

USD/JPY 4-hour chart

Spot rate: 112.11
Relative change: -0.46%
High: 112.75
Low: 112.07

Main trend: Bullish

Resistance 1: 112.55 September 27 low
Resistance 2: 113.00 figure
Resistance 3: 113.55 October 2 low
Resistance 4: 113.55 October 2 low
Resistance 5: 114.00 figure
Resistance 6: 114.80 November 2017 high
Resistance 7: 115.50 March 10, 2017 high

Support 1: 112.00-112.17 zone, figure and August 1 swing high
Support 2: 111.84 August 29 swing high
Support 3: 111.00 figure

Author

Flavio Tosti

Independent Analyst

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