USD/JPY outlook: Keeps firm tone and continues to trade near pivotal 155.00 barrier
|USD/JPY
USDJPY keeps firm tone and continues to trade near pivotal 155 barrier, where strong offers cap the action on expectations that Japan’s authorities may intervene at this zone.
Technical picture on daily and weekly chart remains increasingly bullish, with strong positive signal generated on weekly close above important Fibo level at 152.60 (38.2% of larger 277.65/75.55, 1982/2011 downtrend), which would open way for stronger acceleration towards 160 zone (1990 high)., but with major requirement for sustained break of 155.00 trigger.
Rising 10DMA contained last Friday’s spike lower, adding to bullish near-term bias, though overbought conditions and strong headwinds at 155 barrier, warn that price action may stay in extended sideways mode.
Dips should hold above broken 152.60 barrier (reinforced by rising 20DMA) which reverted to strong support, to offer better opportunities to re-join bullish market.
Caution on sustained break below 152.60, which would weaken near-term structure and increase downside risk.
Res: 155.00; 155.77; 156.36; 157.73.
Sup: 154.42; 153.87; 152.60; 152.00.
Interested in USD/JPY 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.