USD/JPY Technical Analysis: Mission accomplished as bulls reach 112.05 resistance

  • USD/JPY reached the 112.05 resistance, the February 2 low and is now consolidating below the level. USD/JPY current daily high is 112.19.
  • The momentum is strong and more up can be expected in the coming days as USD/JPY has broken out from a daily triangle formation.
  • USD/JPY has more than doubled its average daily range and a correction towards 111.60-111.80 area can be expected. 

USD/JPY 15-minute chart 

Spot rate:                 112.01

Relative change:       0.90%     
High:                        112.19
Low:                         110.76

Trend:                       Bullish 


Resistance 1:  112.05 February 2 low
Resistance 2:  112.63 January 10 open
Resistance 3:  113.00 figure

Support 1:    111.60-111.80 area, 23.6% and 23.2% Fibonacci retracement low/high July 11
Support 2:    111.39 May 21 swing high
Support 3:    111.02-111.16 previous intraday swing lows
Support 4:    110.90 June 15 swing high
Support 5:    110.62-75 supply level and June 21 high 
Support 6:    110.40 supply/demand level
Support 7:    110.21 June 22 high
Support 8:    109.90-110.00 area supply level and figure
Support 9:    109.55 June 19 low 

 

USD/JPY daily chart

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