USD/JPY Technical Analysis: Upside calling

• The defense of the key rising trendline and the bull flag breakout seen in the hourly chart has likely put the pair on the path toward 112.00 (psychological level).
• The upside break of the falling trendline on Thursday, as seen in the daily chart, also indicates the path of least resistance is on the higher side.

Hourly chart

Spot Rate: 111.32

Daily High: 111.35

Daily Low: 110.99

Trend: Bullish

Resistance

R1: 111.49 (Aug. 24 high)

R2: 111.88 (61.8% Fib R of 113.18/109.77)

R3: 112.15 (Aug. 1 high)

Support

S1: 111.07 (50-day MA)

S2: 110.79 (10-day MA)

S3: 110.59 (July 26 low)