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  • Earlier in the day, USD/JPY found resistance at the 111.16 resistance. USD/JPY bulls are now trying to find support at the 110.75 support above the 200-period simple moving average on the 15-minute chart.  
  • If bulls are successful the next upside target is a retest of the 111.16 resistance. A break of the level should open the gate to a strong breakout to 111.45 August 8 high.
  • On the flip side, if bulls are unable to keep prices above 110.75, the next scaling point is seen at 110.58.

USD/JPY 15-minute chart

USD/JPY daily chart

Spot rate:                 110.79
Relative change:      0.01%      
High:                        111.17
Low:                         110.58

Trend:                       Bullish  

Resistance 1:  110.90 June 15 swing high
Resistance 2:  111.02-111.16 area, figure and current August 6 low
Resistance 3:  111.45 August 8 high
Resistance 4:  111.54-111.64 area, August 6, high and supply/demand level
Resistance 5:  111.82-112.00 area, supply level and figure
Resistance 6:  112.19-112.40 area, July 11 high and intraday swing low  
Resistance 7:  112.64 July 12 high
Resistance 8:  113.18, 2018 high
Resistance 9:  113.26-113.38, 200-weekly simple moving average and January 8 high
Resistance 10:  114.45 October 27, 2017 high  

Support 1:    110.75, July 23 low
Support 2:    110.58 July 26 swing low
Support 3:    110.40 demand level
Support 4:    110.27 July 4 low