USD/JPY Technical Analysis: Relentless USD/JPY reaches a new target at 112.63 level

• USD/JPY is consolidating after the currency pair reached 112.63 resistance, the January 10 open. 
• USD/JPY exceed its average daily range suggesting further gains can be capped but given the bull run context USD/JPY might continue higher nevertheless.
• USD/JPY needs to breakout above 112.63 in order to move towards 113.38 January 8 high. To the downside, support is seen near the 112.05 February 2 low and in the 111.60-111.80 area.   

USD/JPY 15-minute chart 

Spot rate:                 112.53

Relative change:       0.47%     
High:                        112.64
Low:                         111.90

Trend:                       Bullish 

Resistance 1:  112.63 January 10 open
Resistance 2:  113.38 January 8 high
Resistance 3:  114.45 October 27, 2017 high 

Support 1:    112.05 February 2 low
Support 2:    111.60-111.80 area, 23.6% and 23.2% Fibonacci retracement low/high July 11
Support 3:    111.39 May 21 swing high
Support 4:    111.02-111.16 previous intraday swing lows
Support 5:    110.90 June 15 swing high