Slobodan Drvenica
Windsor Brokers
USD/JPY
USDJPY jumped over two figures on Friday after Bank of Japan kept interest rates unchanged and signaled it was not in rush for further hikes, despite the borrowing cost is still very low.
Renewed attempt higher comes after Thursday’s rally of almost identical size stalled on approach to 144 barrier, with subsequent pullback contributing to daily candle with long upper shadow.
This could be a significant warning despite today’s renewed strength, as key barriers at 144.29/45 (Fibo 61.8% of 147.21/139.57/ daily Kijun-sen) need to be cleared to sideline persisting downside risk.
Daily studies point to bearish signals from still strong negative momentum, thickening descending daily cloud and overbought stochastic, partially offset by 10/20DMA’s now turning to bullish setup.
Fresh recovery is expected to keep in play while holding above broken 20DMA (143.42) though larger picture to remain biased lower as long as the price action holds below daily Kijun-sen.
Res: 144.45; 145.00; 145.40; 146.07.
Sup: 143.42; 142.49; 142.27; 142.00.
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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