USD/JPY Technical Analysis: Greenback regains daily highs, USD/JPY back above 110.30 level

USD/JPY regained the losses made earlier in Asia as it is now trading above the 110.23-110.28 area which is last week's high, the weekly 50-period simple moving average (SMA) and the daily 200-period SMA.
USD/JPY is evolving in a rising wedge on the 4-hour time-frame and a breakout above 110.30 should lead to a retest close to the current weekly high in the 110.80 area.

Flavio Tosti Independent Analyst

USD/JPY 15-minute chart

Spot rate: 110.34
Relative change: 0.06%
High: 110.40
Low: 109.91

Trend: Bullish

Resistance 1: 110.56, Tuesday’s high
Resistance 2: 110.86-111.00 Wednesday’s high and figure
Resistance 3: 111.41 May 21 high

Support 1: 110.23-110.28 area, last week's high, weekly 50-period SMA, daily 200-period SMA
Support 2: 109.90, daily 5-period SMA, 100-period SMA (1h)
Support 3: 109.37/47, last week’s demand level and daily 10 SMA

Author

Flavio Tosti

Independent Analyst

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