USD/JPY Technical Analysis: Bull break out near 112.00 level

• USD/JPY broke to the upside after 6 days of consolidation. 
• USD/JPY reached the 111.80 resistance and the market is currently consolidating just above the level.
• USD/JPY bullish momentum is back in place with the gap between the simple moving averages widening. However, as USD/JPY has exceeded its average daily range, any further gains might be limited. The next scaling point to the upside is seen near 112.19-112.40 area while support is seen near 110.58 and 111.39 May 21 swing high.

USD/JPY 15-minute chart 

Spot rate:                 111.89
Relative change:      0.74%     
High:                        111.96
Low:                         110.74

Trend:                       Bullish

Resistance 1:  112.19-112.40 area, July 11 high and intraday swing low 
Resistance 2:  112.64 July 12 high
Resistance 3:  113.18, 2018 high
Resistance 4:  113.26-113.38, 200-weekly simple moving average and January 8 high
Resistance 5:  114.45 October 27, 2017 high 

Support 1:    111.39 May 21 swing high
Support 2:    111.02-111.16 previous intraday swing lows
Support 3:    110.90 June 15 swing high
Support 4:    110.75, July 23 low
Support 5:    110.58 July 26 low
Support 6:    110.27 July 4 low