USD/JPY Outlook: Close above 55SMA to signal further advance but headwinds may come from psychological 111.00 barrier and 200SMA
|USDJPY
The pair maintains positive tone on Wednesday and eyes psychological / option 111.00 barrier after fresh acceleration in early US trading broke above important barrier at 111.66 (55SMA). Close above here is needed to generate bullish signal for extension of recovery leg from 104.59 (3 Jan spike low) and test of 200SMA (111.27). Renewed risk appetite keeps safe-haven yen in defense and boosts the greenback. Rising bullish momentum supports the advance, but overbought stochastic warns of stronger hesitation on approach to 111.00/27 pivots. Broken Fibo 61.8% barrier (110.22) is reinforced by rising 5SMA and expected to ideally contain dips and guard pivotal 10/20SMA's (109.93/69 respectively).
Res: 111.00; 111.27; 111.55; 111.72
Sup: 110.66; 110.22; 109.93; 109.69
Interested in USDJPY technicals? Check out the key levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.