USD/JPY Technical Analysis: The bearish pullback might have run its course as Greenback bulls are holding the market above 112.00 figure

USD/JPY is in a bullish trend and had a pullback down to the 200-period simple moving average on the 4-hour chart and the 50-day simple moving average (not shown).
USD/JPY is currently trying to stabilize above the 112.00 level as bulls might potentially launch a new bull run from there. The RSI is still below 50 suggesting weak bullish momentum while the MACD and Stochastic are slowly rising which is encouraging for bulls. Resistances to the upside can be located near 112.55 (September 27 low) and 113.00.
However, a strong bear breakout below 111.84 (August 29 swing high) on a daily closing basis would likely invalidate the bullish bias.

Flavio Tosti Independent Analyst

USD/JPY 4-hour chart

Spot rate: 112.31
Relative change: -0.32%
High: 112.51
Low: 112.00

Main trend: Bullish

Resistance 1: 112.55 September 27 low
Resistance 2: 113.00 figure
Resistance 3: 113.55 October 2 low
Resistance 4: 113.55 October 2 low
Resistance 5: 114.00 figure
Resistance 6: 114.80 November 2017 high
Resistance 7: 115.50 March 10, 2017 high

Support 1: 112.00-112.17 zone, figure and August 1 swing high
Support 2: 111.84 August 29 swing high
Support 3: 111.00 figure

Author

Flavio Tosti

Independent Analyst

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