USD/JPY Technical Analysis: Teasing a bull flag breakout

• The USD/JPY has charted a bull flag - a bullish continuation pattern - on the 15-minute chart.
• An upside breakout looks likely and would signal a continuation of the rally from the post-BOJ low of 110.76 and allow a rally to 112.43 (target as per the measured height method).

15-minute chart

Spot Rate: 111.85

Daily High: 111.90

Daily Low: 111.70

Trend: Bullish

Resistance

R1: 111.86 (flag resistance)

R2: 112.20 (July 15 low resistance as per the hourly chart)

R3: 112.43 (bull flag breakout target)

Support

S1: 111.65 (flag support)

S2: 111.40 (10-day moving average)

S3: 110.62 (50-day moving average)