USD/JPY TECHNICAL ANALYSIS: FRESH 2-MONTH TOPS AND COUNTING

The pair has been trending higher alongside an upward sloping trend-line over the past three weeks or so and shown remarkable resilience near 100-hour SMA.

   •  Technical indicators on the 1-hourly chart have started gaining positive momentum and thus, support prospects for an extension of the upward trajectory.

   •  Overnight sharp retracement in the US equity markets also did little to trigger any meaning retracement and reinforce the near-term positive outlook. 
 

USD/JPY 1-hourly chart

Spot Rate: 112.89
Daily Low: 112.75
Trend: Bullish

Resistance
R1: 113.00 (round figure mark)
R2: 113.18 (July month swing high)
R3: 113.45 (R3 daily pivot-point)

Support
S1: 112.68 (50-period SMA H1)
S2: 112.40 (overnight swing low)
S3: 112.22 (S2 daily pivot-point)
 

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