USD/JPY Technical Analysis: Correcting last week’s bullish advance above 112.20 level

• USD/JPY is currently in a consolidation phase after the bull run seen last week. 
• USD/JPY is currently supported at 112.19 (July 11 high) and the near-term resistance is 112.64 (July 12 high).
• The bears want to convert the bull trend in a bearish reversal by breaking 112.19 while bulls want to drive the market near the current 2018 high at 112.82.
• Both parties are fairly balanced but since the bearish correction has been very weak so far, the bulls are still owning the market at this point in time.
   

USD/JPY 15-minute chart 

Spot rate:                 112.30

Relative change:       -0.09%     
High:                        112.58
Low:                         112.19

Trend:                       Neutral 

Resistance 1:  112.40  intraday swing low 
Resistance 2:  112.64 July 12 high
Resistance 3:  112.82, 2018 high
Resistance 4:  113.38 January 8 high
Resistance 5:  114.45 October 27, 2017 high 

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