USD/JPY Technical Analysis: Bulls gaining strength with 10-yr treasury yield at 3-week high

• The bullish crossover between the 50-hour and 200-hour moving averages (MAs) confirmed a few minutes ago, adds credence to the higher lows pattern seen in the daily chart and indicates the path of least resistance is on the higher side.
• The 10-year treasury yield holding at a three-week high of 2.9 percent is also favorably disposed towards the USD bulls.
• Only a break below the Aug. 31 low of 110.68 would abort the short-term bullish view.

Hourly Chart

Spot Rate: 111.55

Daily High: 111.71

Daily Low: 111.36

Trend: Bullish

Resistance

R1: 111.83 (Aug. 29 high)

R2: 112.15 (Aug. 1 high)

R3: 112.37 (76.4% Fib R of 113.18/109.77)

Support

S1: 111.44 (rising trendline support no the hourly chart)

S2: 110.68 (Aug. 31 low)

S3: 110.00 (psychological support)

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