USD/JPY Technical Analysis: USD/JPY stays range-bound below 112.17 level

• USD/JPY main bull trend is on hold since mid-July as the market has entered a trading range.
• USD/JPY bulls are trying to break above 111.84 resistance (August 29 swing high). However, the RSI and Stochastics have a relatively high reading which is rather bearish in a trading range context like this one. Therefore a return towards 111.00 figure is expected.
• Only a sustained bull breakout above 112.17 (August 1, swing high) would confirm a bullish condition. 

USD/JPY 4-hour chart

Spot rate:                 111.58
Relative change:      0.29%     
High:                        111.67
Low:                         110.15

Main trend:               Bullish 
Short-term trend:      Neutral bellow 112.17

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

Support 1:    111.54 August 6, high 
Support 2:    111.45 August 8 high
Support 3:    111.00 figure
Support 4:    110.75, July 23 swing low
Support 5:    110.00 figure
Support 6:    109.37 June 25 low