USD/JPY Technical Analysis: Greenback knocking on 112.00, bolstered by trade wars

  • Dollar on the rise against the JPY as markets scoop up USD on trade war concerns.
  • The USD/JPY is only a few levels away from setting a new high for 2018, and reversing the year's bearish run.
  • Higher timeframes have the pair consistently punching in higher lows as a bull trend extends.

USD/JPY Chart, 15-Minute

Spot rate:  111.92
Relative change:  -0.03%
High:  112.00
Low:  111.90
   
Trend:  Bullish
   
Support 1:  111.63 (38.2% Fibo retracement level)
Support 2:  111.30 (61.8% Fibo retracement level)
Support 3:  110.76 (previous day low)
   
Resistance 1:  112.16 (previous day high)
Resistance 2:  112.50 (major technical level)
Resistance 3:  113.38 (January swing high; 2018 high)