USD/JPY Technical Analysis: bulls looking to hold 111.00

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  • The US Dollar continues to grind higher against the safe-haven Yen as markets stabilize after last week’s risk-off plunge on Turkey contagion fears.
  • US-CHina trade war angst continues to bubble just beneath the surface; a resurgence of negative trade headlines could see market anxieties bid the JPY back up.
  • Technical indicators are beginning to warn of overbought conditions for the Greenback just above the 111.00 handle.

USD/JPY Chart, 1-Hour

Spot rate:  111.22
Relative change:  0.10%
High:  111.24
Low:  111.10
   
Trend:  Bullish
   
Support 1:  111.00 (major technical level)
Support 2:  110.58 (previous day low)
Support 3:  110.10 (current week low)
   
Resistance 1:  111.36 (61.8% Fibo retracement level)
Resistance 2:  112.14 (two-week high)
Resistance 3:  112.44 (R3 weekly pivot)

 

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