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  • USD bulls are currently trying to reintegrate the former bull channel. If they can bring the market above the 110.56 supply and potentially form a base in the 110.23-110.56 area, the bulls have a chance to bring USD/JPY back to the 111.00 figure and maybe to 111.41 May 21 high.  
  • On the other hand, if USD bulls fail to break above the 110.23-110.56 area, it is reasonable to expect stalling movements or even a rotation down back towards the 109.50 level.

USD/JPY 15-minute chart

Spot rate:                 110.43
Relative change:      -0.12%      
High:                        110.46
Low:                         109.84

Trend:                       Bullish        

Resistance 1: 110.56 supply zone
Resistance 2: 110.92-111.00 last week’s high and figure
Resistance 3: 111.41 May 21 high
Resistance 4: 112.00 January 2 low

Support 1: 110.23-110.28 area, 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, daily 10 SMA