USD/JPY Technical Analysis: Bulls eager to break above 112.00 figure

USD/JPY main bull trend is taking a breather since mid-July as the market has entered a trading range.
USD/JPY bulls are trying to break above the bear trendline from July 17 but they will also have to break above the 112.00-112.17 zone (figure and August 1, swing high) if they wish to resume the bull trend. The RSI, MACD and Stochastics indicators remain constructive to the upside.
However, the 50, 100 and 200-period simple moving averages are flat suggesting that there is not yet convincing momentum in the market.

Flavio Tosti Independent Analyst

USD/JPY 4-hour chart

Spot rate: 111.53
Relative change: 0.38%
High: 111.58
Low: 110.05

Main trend: Bullish
Short-term trend: Neutral

Resistance 1: 111.54 August 6, high
Resistance 2: 111.84 August 29 swing high
Resistance 3: 112.00-112.17 zone, figure and August 1, swing high
Resistance 4: 112.40 supply level
Resistance 5: 113.18, 2018 high

Support 1: 111.45 August 8 high
Support 2: 111.00 figure
Support 3: 110.75, July 23 swing low
Support 4: 110.00 figure
Support 5: 109.37 June 25 low

Author

Flavio Tosti

Independent Analyst

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