Slobodan Drvenica
Windsor Brokers
USD/JPY
USDJPY continues to trend higher and cracks pivotal Fibo barrier at 158.22 (76.4% of 160.19/151.85) which recently capped several attacks.
Sustained break here would generate fresh bullish signal for continuation of entire recovery from 151.85 (May 3 low) and open way for 159+ gains on stronger acceleration.
Daily studies are in full bullish mode, though overbought conditions may slow the action for consolidation.
Former top at 157.70 (May 29) should ideally contain dips and offer better levels to re-enter bullish market.
Caution on extension below 157.40 (rising 10DMA) which may sideline bulls
Fundamentals continue to work in favor of dollar, as Fed keeps hawkish stance and fade expectations for an early rate cut, while more dovish than expected BoJ last week added pressure on yen.
Res: 158.43; 159.00; 160.00; 160.19.
Sup: 158.22; 157.70; 157.40; 156.97.
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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