USDJPY – bullish bias above daily cloud base
|The pair holds in green for the second day and retested initial barrier at 107.50 (05 Apr former high).
Today’s action is supported by 10SMA (107.10) and underpinned by daily cloud base (106.89) which maintains bullish bias.
Bulls eye initial target at 107.77 (13 Apr recovery peak), break of which is needed to open way for extension towards 107.90 (21 Feb high) and 108.25 (Fibo 61.8% of 110.48/104.63 descend).
Dip-buying above cloud base remains favored near-term scenario, while return and close below daily cloud would weaken near-term structure and risk dip towards higher base at 106.60 zone.
Res: 107.77; 107.90; 108.25; 108.77
Sup: 107.10; 106.89; 106.60; 106.45
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