USD/JPY Technical Analysis: Consolidating gains after USD/JPY hits new 2018 high at 113.15

• USD/JPY printed a new 2018 high at 113.15 and is now having a pullback above the 200-period simple moving average.
• USD/JPY consolidation might continue towards 112.64 and 112.40 support in the near-term. 
• A strong bear breakout below 112.20, near Tuesday’s low would be seen as a slow down of the current bull momentum and a deeper correction might be underway.

USD/JPY 15-minute chart

Spot rate:                 112.85

Relative change:      -0.03%     
High:                        113.15
Low:                         112.71

Trend:                       Bullish

Resistance 1:  113.15, 2018 high
Resistance 2:  113.26-113.38, 200-weekly simple moving average and January 8 high
Resistance 3:  114.45 October 27, 2017 high 

Support 1:    112.64 July 12 high
Support 2:    112.19-112.40 area, July 11 high and intraday swing low 
Support 3:    111.60-111.80 area, 23.6% and 23.2% Fibonacci retracement low/high July 11
Support 4:    111.39 May 21 swing high
Support 5:    111.02-111.16 previous intraday swing lows
Support 6:    110.90 June 15 swing high