- USD/JPY is evolving in a rising channel as USD bulls are trying to lift the pair above the 111.00 round figure in order to reach the next likely resistance level at 111.41 May 21 high.
- Repeated failures to breakout above 111.00 could lead to sideways price action to a rotation down as the US Dollar is having a pullback accross the board after the bull spike on Thursday.
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Spot rate: 110.49
Relative change: -0.12%
High: 110.92
Low: 110.38
Trend: Bullish
Resistance 1: 110.92-111.00 current’s week high and figure
Resistance 2: 111.41 May 21 high
Resistance 3: 112.00 January 2 low
Support 1: 110.23-110.28 area, last week’s high, weekly 50-period SMA, daily 200-period SMA
Support 2: 109.90, daily 5-period SMA, 100-period SMA (1h)
Support 3: 109.37/47, last week’s demand level and daily 10 SMA
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