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USD/JPY Technical Analysis: 111.84 resistance preventing bulls to continue the ascent to 113.00 figure

  • USD/JPY bulls are eager to resume the main bull trend. 
  • USD/JPY is trading above its main simple moving averages (bullish) but below a bear trendline capping for the time being the bullish advance. USD/JPY is also printing a small double top with August 29 swing high at the 111.84 level 
  • If bulls are unable to break through the 111.84 resistance the market might pullback towards the 111.00 level.  

USD/JPY 4-hour chart


Spot rate:                 111.47
Relative change:      0.08%     
High:                        111.77
Low:                         111.33

Main trend:               Bullish 

Resistance 1:    111.45 August 8 high
Resistance 2:    111.54 August 6, high 
Resistance 3:    111.84 August 29 swing high
Resistance 4:    112.00-112.15 zone, figure and August 1, swing high
Resistance 5:    112.40 supply level
Resistance 6:    113.18, 2018 high

Support 1:    111.00 figure
Support 2:    110.75, July 23 low
Support 3:    110.00 figure
Support 4:    109.37 June 25 low

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