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  • USD/JPY has gained about 100 pips since Monday’s lows on strong bullish momentum.
  • USD/JPY is now challenging 111.39, May 21 swing high.  A bull breakout above 111.39 can lead to an extension of the move towards 112.05 February 2 low.
  • However a sizable breakout above 111.39 seems quite unlikely to happen on Tuesday as USD/JPY is already rather extended to the upside.

USD/JPY 15-minute chart  

Spot rate:                 111.28

Relative change:       0.40%      
High:                        111.37
Low:                         110.73

Trend:                       Bullish  

Resistance 1:  111.39 May 21 swing high
Resistance 2:  112.05 February 2 low
Resistance 3:  113.00 figure

Support 1: 111.02-111.16 intraday swing lows
Support 2: 110.90 June 15 swing high
Support 3: 110.62-75 supply level and June 21 high  
Support 4: 110.40 supply/demand level
Support 5: 110.21 June 22 high
Support 6: 109.90-110.00 area supply level and figure
Support 7: 109.55 June 19 low  

 

USD/JPY daily chart