USD/JPY Technical Analysis: Relentless USD/JPY reaches a new target at 112.63 level

USD/JPY is consolidating after the currency pair reached 112.63 resistance, the January 10 open.
USD/JPY exceed its average daily range suggesting further gains can be capped but given the bull run context USD/JPY might continue higher nevertheless.
USD/JPY needs to breakout above 112.63 in order to move towards 113.38 January 8 high. To the downside, support is seen near the 112.05 February 2 low and in the 111.60-111.80 area.

Flavio Tosti Independent Analyst

USD/JPY 15-minute chart

Spot rate: 112.53

Relative change: 0.47%
High: 112.64
Low: 111.90

Trend: Bullish

Resistance 1: 112.63 January 10 open
Resistance 2: 113.38 January 8 high
Resistance 3: 114.45 October 27, 2017 high

Support 1: 112.05 February 2 low
Support 2: 111.60-111.80 area, 23.6% and 23.2% Fibonacci retracement low/high July 11
Support 3: 111.39 May 21 swing high
Support 4: 111.02-111.16 previous intraday swing lows
Support 5: 110.90 June 15 swing high

Author

Flavio Tosti

Independent Analyst

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