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Author Topic: USD/JPY Technical Analysis: Greenback bulls looking to grind it out to 2018's highs  (Read 144 times)

FXshooting

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USD/JPY Technical Analysis: Greenback bulls looking to grind it out to 2018's highs
« on: July 18, 2018, 10:00:22 pm »
USD/JPY Technical Analysis: Greenback bulls looking to grind it out to 2018's highs

  • 2018's high set in early January lies close at hand, but yesterday's failure to claim the key level is seeing a minor pullback underway on the intraday charts.
  • July has seen the Dollar rise against the JPY in one-sided trading, with little sign of a technical slump yet to develop.
  • Markets continue to price in a strong, steady rate hike path for the US Fed looking forward; a missed rate hike or dovish turn to the central bank could see the bull-ride end quickly.

USD/JPY Chart, 15-Minute




Spot rate:    112.70
Relative change:    -0.08%
High:    112.86
Low:    112.66
    
Trend:    Bullish
    
Support 1:    112.17 (current week low)
Support 2:    111.66 (61.8% Fibo retracement level)
Support 3:    110.76 (July 11th swing low)
    
Resistance 1:    112.86 (current day high)
Resistance 2:    113.13 (current week high)
Resistance 3:    113.38 (2018 high; major technical top)


Ref. www.fxstreet.com/news/usd-jpy-technical-analysis-greenback-bulls-looking-to-grind-it-out-to-2018s-highs-201807190114

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