USD/JPY Technical Analysis: USD/JPY finds resistance near 111.20 level

  • USD/JPY is keeping the trading range theme intact this Monday as USD/JPY found resistance at the 111.16 resistance.
  • As the 50, 100 and 200-period simple moving averages are coiled together the market lacks a clear directionality. 
  • However, a daily close below last week low at 110.58 would likely be seen as a bearish clue and more selling can be on the cards in such scenario. The 110.27 level, July 4 low, would be the first scaling point to the downside.

USD/JPY 15-minute chart 

Spot rate:                 111.00
Relative change:      -0.04%     
High:                        111.18
Low:                         110.88

Trend:                       Neutral / Bearish on a close below 110.58

Resistance 1:  111.02-111.16 previous intraday swing lows
Resistance 2:  111.39 May 21 swing high
Resistance 3:  111.60-111.80 area, 23.6% and 38.2% Fibonacci retracement low/high July 11
Resistance 4:  112.19-112.40 area, July 11 high and intraday swing low 
Resistance 5:  112.64 July 12 high
Resistance 6:  113.18, 2018 high
Resistance 7:  113.26-113.38, 200-weekly simple moving average and January 8 high
Resistance 8:  114.45 October 27, 2017 high 

Support 1:    110.90 June 15 swing high
Support 2:    110.75, July 23 low
Support 3:    110.58 July 26 low
Support 4:    110.27 July 4 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 assets. 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 Open Markets 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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News

Editors’ Picks

EUR/USD struggles to extend Tuesday's gain as coronavirus worries return

EUR/USD is flashing red while heading into the London open, marking a weak follow-through to Tuesday's 0.92% rise from 1.08 to 1.0926. The downside in EUR/USD will likely gather pace if the European equities open on a negative note in response to the renewed virus concerns. 


GBP/USD: Pressured above 1.2300 amid UK’s coronavirus crisis

GBP/USD fails to hold onto recovery gains amid fresh coronavirus concerns. UK PM is in ICU but stable, doubts over the already higher statistics remain. Expectations are mounting that the UK will have Europe’s worst crisis due to the virus.


Forex Today: Dollar bulls return with coronavirus concerns, eyes on Oil, FOMC minutes

The market mood remained cautious, as the worries over the coronavirus spread returned after the hotspots on both sides of the Atlantic reported a rise in the new cases. The US dollar extended the bounce while Oil prices also staged a solid comeback in Asia. 

Read more

WTI pierces $25 amid mixed clues, EIA data eyed

WTI holds onto recovery gains. The US catalysts seem to drive energy prices more than from the Middle East. API data escalated the inventory build, EIA might follow the footprints. Coronavirus crisis weighs on the market sentiment. 

Oil News

Gold regains $1,650 amid cautious trade sentiment

Gold defies the pullback from the monthly top. While Monday’s coronavirus (COVID-19) data suggested receding fears of the deadly disease, the latest figures keep the risk-off alive. The US FOMC minutes will decorate the economic calendar.

Gold News