Slobodan Drvenica
Windsor Brokers
USDJPY jumped to two-week high on Thursday after better than expected US economic data (retail sales / jobless claims) reduced growth concerns and shifted expectations from 50 basis points Fed rate cut in September to initial 25 basis points plan.
Fresh gains resulted in breach of five-day congestion top, signaling continuation of recovery leg from 141.68 (Aug 5 low).
Bulls cracked pivotal Fibo barrier at 149.36 (38.2% of 161.80/141.68), with close above this level to further strengthen near-term structure for extension through psychological 150 resistance.
Broken range top reverted to support (148.22) which should ideally keep the downside protected and guard lower pivot at 146.50 zone (congestion floor / 10 DMA).
Res: 149.36; 150.00; 151.00; 151.48
Sup: 148.22; 147.05; 146.50; 145.41
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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