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.

Flavio Tosti Independent Analyst

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

Author

Flavio Tosti

Independent Analyst

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