USDJPY

The pair eases from fresh 3-week high at 111.85, posted overnight, following Friday’s strong bullish close (strongest daily gains since 29 Jan) and the strongest weekly gains in past two years.
The pullback is seen as correction of Friday’s strong rally, before bulls resume, as technicals are firmly bullish.
Correction is expected to ideally find support at 110.65 (former critical support, reinforced by daily Kijun-sen line), with extension allowed to psychological 110.00 support, before fresh upside attempts.
The pair is looking for test of next upside targets at 112.33 (Fibo 76.4% of 113.79/107.61 downleg) and 112.64 (base of thick daily Ichimoku cloud), violation of which could open way towards key short-term resistance at 113.79 (29 Mar high).

Res: 111.85; 112.33; 112.64; 113.00
Sup: 111.00; 110.65; 110.00 109.86

usdjpy


 

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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