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  • USD/JPY bulls want to extend the bull trend as they are challenging the July high.
  • The 50, 100 and 200-period simple moving average on the 4-hour time frame are rising and widening suggesting a bullish momentum. However, counter-trend traders are currently preventing the market to break above 113.18 July high. A clear breakout above the level would open the door to 114.00 figure and 114.80 (November 2017 high).  
  • However, in the absence of a sustained breakout above 113.18, bears have a fair chance to drive the market down near 112.00 figure.  

USD/JPY 4-hour chart

Spot rate:                 113.16
Relative change:        0.39%      
High:                        113.21
Low:                         112.55

Main trend:               Bullish
Short-term trend:       Bearish reversal risk below  113.18

Resistance 1:    113.18, July high
Resistance 2:    114.00 figure
Resistance 3:    114.80 November 2017 high

Support 1:    112.50 figure
Support 2:    112.00-112.17 zone, figure and August 1, swing high
Support 3:    111.84 August 29 swing high
Support 4:    111.84 August 29 swing high
Support 5:    111.54 August 6, high  
Support 6:    111.45 August 8 high
Support 7:    111.00 figure
Support 8:    110.75, July 23 swing low
Support 9:    110.00 figure
Support 10:   109.37 June 25 low