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

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