- USD/JPY is in its fourth day of consolidation after the currency pair broke to the upside on July 31.
- USD/JPY is struggling to find a clear direction, however, bulls have a slight advantage as they have the long-term trend on their side.
- Bulls objective is to reconquer the 111.82-112.00 area to target 113.18, the 2018 high. Bears want a bear breakout below the 111.02-111.16 area in order to initially retake the swing low at 110.58.
USD/JPY daily chart
Spot rate: 111.39
Relative change: 0.15%
High: 111.54
Low: 111.14
Trend: Neutral to bullish
Resistance 1: 111.39 May 21 swing high
Resistance 2: 111.64 supply/demand level
Resistance 3: 111.82-112.00 area, supply level and figure
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: 111.02-111.16 area, figure and current August 6 low
Support 2: 110.90 June 15 swing high
Support 3: 110.75, July 23 low
Support 4: 110.58 July 26 swing low
Support 5: 110.27 July 4 low
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
EUR/USD regains traction, recovers above 1.0700
EUR/USD regained its traction and turned positive on the day above 1.0700 in the American session. The US Dollar struggles to preserve its strength after the data from the US showed that the economy grew at a softer pace than expected in Q1.
GBP/USD returns to 1.2500 area in volatile session
GBP/USD reversed its direction and recovered to 1.2500 after falling to the 1.2450 area earlier in the day. Although markets remain risk-averse, the US Dollar struggles to find demand following the disappointing GDP data.
Gold climbs above $2,340 following earlier drop
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
XRP extends its decline, crypto experts comment on Ripple stablecoin and benefits for XRP Ledger
Ripple extends decline to $0.52 on Thursday, wipes out weekly gains. Crypto expert asks Ripple CTO how the stablecoin will benefit the XRP Ledger and native token XRP.
After the US close, it’s the Tokyo CPI
After the US close, it’s the Tokyo CPI, a reliable indicator of the national number and then the BoJ policy announcement. Tokyo CPI ex food and energy in Japan was a rise to 2.90% in March from 2.50%.