USD/JPY Technical Analysis: Nothing to get excited about – More ranges ahead

• USD/JPY bull trend is on hold as the market has been range bound since mid-July. 
• USD/JPY is testing a bull trendline (dotted line) and the 50-period simple moving average (SMA) suggesting that the market might find some resistance at this level. 
• Bulls would need a breakout above the bear trend line (blue line) and possibly above the 112.00 figure in order to confirm a bullish bias while for the bears 110.00 seems to be the line-in-the-sand. Until there is a clear directional bias, more ranges are to be expected on USD/JPY.

USD/JPY 4-hour chart

Spot rate:                 110.98
Relative change:      0.20%     
High:                        111.26
Low:                         110.38

Main trend:               Bullish 
Short-term trend:      Neutral

Resistance 1:    111.00 figure
Resistance 2:    111.45 August 8 high
Resistance 3:    111.54 August 6, high 
Resistance 4:    111.84 August 29 swing high
Resistance 5:    112.00-112.15 zone, figure and August 1, swing high
Resistance 6:    112.40 supply level
Resistance 7:    113.18, 2018 high

Support 1:    110.75, July 23 swing low
Support 2:    110.00 figure
Support 3:    109.37 June 25 low