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  • USD/JPY main bull trend is intact as the bulls have surpassed the 200-weekly simple moving average.  
  • USD/JPY is trading above its 50, 100 and 200-period simple moving averages which are rising and widening suggesting strong bullish momentum. The next target to the upside are likely located near 114.00 figure and 114.80 (November 2017 high).  
  • A bear breakout below 112.50 would likely invalidate the current bullish bias.  

USD/JPY 4-hour chart

Spot rate:                 113.58
Relative change:       0.19%      
High:                        113.68
Low:                         113.31

Main trend:               Bullish

Resistance 1:    114.00 figure
Resistance 2:    114.80 November 2017 high
Resistance 3:    115.50 March 10, 2017  

Support 1:    113.18, July high  
Support 2:    112.50 figure
Support 3:    112.00-112.17 zone, figure and August 1 swing high
Support 4:    111.84 August 29 swing high