USD/JPY Technical Analysis: Bull breakout confirmed, but Bollinger band is capping gains

• The USD/JPY is eyeing a break above 112.00, having witnessed a bull flag-breakout on the hourly chart in the US session yesterday.
• However, the upside has been capped by the upper Bollinger band (standard deviation of +2, -2 on the 20-hour moving average).
• So, what bull need now is a convincing move above the resistance of the upper Bollinger band, currently located at 111.81.

Hourly chart

Spot Rate: 111.70

Daily High: 111.78

Daily Low: 111.61

Trend: Bullish above 111.81

Resistance

111.81 (resistance of the hourly chart Bollinger band)

112.15 (August 1 high)

112.56 (76.4 percent Fibonacci retracement of the drop from 113.18 to 110.59)

Support

111.51 (100-hour moving average)

111.29 (200-hour moving average)

110.73 (July 31 low)