USD/JPY Technical Analysis: Greenback finds support above 112.00 figure as Wallstreet bulls are back

  • USD/JPY bull trend has been on hold as the market had a pullback down. 
  • USD/JPY is trying to hold above the 200-period simple moving average as bulls are trying to come back and break above 112.55 (September 27 low). USD/JPY is positevly correlated to US equity indices which are moving up after the crash seen on Wednesday.
  • While the bull momentum is slowly coming back, buyers would need to break above 113.00 to regain full control of the market. 

USD/JPY 4-hour chart

Spot rate:                         112.48
Relative change:              0.20%     
High:                                112.53
Low:                                 111.97

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

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.