USD/JPY Technical Analysis: 112.17 brick wall can see USD/JPY rotate back to 111.00 figure

  • USD/JPY main bull trend is on hold. 
  • USD/JPY is facing resistance at the 112.17 level (August 1, swing high) as the RSI, MACD and Stochastics indicators are decelerating. A failure to break above 112.17 should lead to a rotation down towards 111.54 (August 6, high) and 111.00 figure. 
  • A sustained bull breakout above 112.17 would invalidate the short-term bearish bias.

USD/JPY 4-hour chart

Spot rate:                 111.97
Relative change:     -0.09%     
High:                        112.14
Low:                         111.85

Main trend:               Bullish 
Short-term trend:      Bearish below 112.17

Resistance 1:    112.00-112.17 zone, figure and August 1, swing high
Resistance 2:    112.50 figure
Resistance 3:    113.18, 2018 high

Support 1:    111.84 August 29 swing high
Support 2:    111.84 August 29 swing high
Support 3:    111.54 August 6, high 
Support 4:    111.45 August 8 high
Support 5:    111.00 figure
Support 6:    110.75, July 23 swing low
Support 7:    110.00 figure
Support 8:    109.37 June 25 low

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