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

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