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USD/JPY Technical Analysis: Greenback bulls looking to grind it out to 2018's highs
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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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