Risk at 112.146 now
Looking at the daily chart of the USDJPY, the price high from August 1 was at 112.146. That level was also a stall level from July. When the price broke higher back then, the price stayed (for the most part) above that level before breaking back lower (see red shaded area).
Today the price has traded above and below the level (see hourly chart below). However, what is giving more of a bullish bias is that the last price decline stalled against the underside of a broken trend line twice (see red circle 3 n the chart below). Buyers are making a play.
If the price can stay above the 112.146, that is a risk level now. On dips, stay above is more bullish.
What buyers want to see on the topside is a break of the 112.44 level. That takes the price above the topside trend line on the hourly chart (the line is moving higher).
If the bull run continues, the 112.80 is the underside of the trend line going back to the daily chart. That would be a target on more upside momentum.
All bullish bets are off if the price dips back below the 112.146. The waters are not totally bearish but the waters are muddy.
