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  • USD/JPY bears made an incursion near the 110.10 level where the market found solid buying interest in Asia and early Europe. USD/JPY also found some strong support near the 200-daily simple moving average.  
  • USD/JPY has been in pullback mode since mid-July and today’s buying activity below 110.58 July 26 swing low suggest that USD/JPY bulls are not ready yet to let the main bull trend fizzle out that easily.
  • If USD/JPY bulls are able to breakout above the 112.00 level, that would most likely be  the confirmation that the bull trend has resumed its course.  

USD/JPY 15-minute chart  

USD/JPY daily chart  

Spot rate:                 110.87
Relative change:       0.04%      
High:                        110.90
Low:                         110.10

Trend:                       Bullish  

Resistance 1:  110.90 June 15 swing high
Resistance 2:  111.02-111.16 area, figure and current August 6 low
Resistance 3:  111.45 August 8 high
Resistance 4:  111.54-111.64 area, August 6, high and supply/demand level
Resistance 5:  111.82-112.00 area, supply level and figure
Resistance 6:  112.19-112.40 area, July 11 high and intraday swing low  
Resistance 7:  112.64 July 12 high
Resistance 8:  113.18, 2018 high
Resistance 9:  113.26-113.38, 200-weekly simple moving average and January 8 high
Resistance 10:  114.45 October 27, 2017 high  

Support 1:    110.75, July 23 low
Support 2:    110.58 July 26 swing low
Support 3:    110.27 July 4 low