Slobodan Drvenica
Windsor Brokers
USD/JPY
USDJPY remains constructive on Friday and attempts to further extend Thursday’s strong bounce, with recovery being supported by signals of a double bear-trap, following a false break below pivotal Fibo support at 156.04 and thin daily cloud (spanned between 155.83 and 155.50).
Rising and thickening daily cloud also underpins near-term action, however, headwinds are still to be expected, as structure on daily chart is still bearish.
Recovery needs to clear initial pivots at 157.73/88 (55DMA / Fibo 38.2% of 161.95/155.36) to reduce downside risk and open way for fresh acceleration towards next targets at 158.65/78 (falling 10DMA/50% retracement).
Caution on repeated daily close under 55DMA.
Res: 157.73; 158.30; 158.86; 159.52.
Sup: 156.91; 156.04; 155.36; 155.18.
Interested in USD/JPY technicals? Check out the key levels
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
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