- USD/JPY had a failed breakout above Tuesday’s high, momentarily squashing bulls hope for the resumption of the main bull trend.
- Bears broke below the bullish trendline and drove the price below the 50, 100 and 200-period simple moving averages.
- Bearish short-term momentum is now prevailing below the 111.00 level. Targets to the downside are located near 110.40 and 110.10 August 13 low.
USD/JPY 15-minute chart
Spot rate: 110.67
Relative change: -0.43%
High: 111.45
Low: 110.43
Main trend: Bullish
Short-term trend Bearish
Resistance 1: 110.75, July 23 low
Resistance 2: 110.90 June 15 swing high
Resistance 3: 111.02-111.16 area, figure and current August 6 low
Resistance 4: 111.45 August 8 high
Support 1: 110.58 July 26 swing low
Support 2: 110.40 demand level
Support 3: 110.10 August 13 low