19 Jul 2018
USD/JPY Technical Analysis: Greenback bulls looking to grind it out to 2018's highs
- 2018's high set in early January lies close at hand, but yesterday's failure to claim the key level is seeing a minor pullback underway on the intraday charts.
- July has seen the Dollar rise against the JPY in one-sided trading, with little sign of a technical slump yet to develop.
- Markets continue to price in a strong, steady rate hike path for the US Fed looking forward; a missed rate hike or dovish turn to the central bank could see the bull-ride end quickly.
USD/JPY Chart, 15-Minute
| Spot rate: | 112.70 |
| Relative change: | -0.08% |
| High: | 112.86 |
| Low: | 112.66 |
| Trend: | Bullish |
| Support 1: | 112.17 (current week low) |
| Support 2: | 111.66 (61.8% Fibo retracement level) |
| Support 3: | 110.76 (July 11th swing low) |
| Resistance 1: | 112.86 (current day high) |
| Resistance 2: | 113.13 (current week high) |
| Resistance 3: | 113.38 (2018 high; major technical top) |