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  • 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)