USD/JPY Technical Analysis: One step away from a breakout above 112.17 swing high

  • USD/JPY bulls are eager to resume the main bull trend. 
  • USD/JPY is challenging the 112.17 resistance ( August 1, swing high). A sustained breakout above the level would open the gates to 112.50 figure and the 2018 high at 113.18. The RSI, MACD and Stochastics are supportive for higher prices. 
  • However, a failure above 112.17 or a bear breakout below 111.84 (August 29 swing high) would invalidate the bullish bias    

USD/JPY 4-hour chart 

Spot rate:                 112.11
Relative change:      0.17%     
High:                        112.14
Low:                         111.75

Main trend:               Bullish 
Short-term trend:      Neutral bellow 112.17

Resistance 1:    111.84 August 29 swing high
Resistance 2:    112.00-112.17 zone, figure and August 1, swing high
Resistance 3:    112.50 figure
Resistance 4:    113.18, 2018 high

Support 1:    111.84 August 29 swing high
Support 2:    111.54 August 6, high 
Support 3:    111.45 August 8 high
Support 4:    111.00 figure
Support 5:    110.75, July 23 swing low
Support 6:    110.00 figure
Support 7:    109.37 June 25 low

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.