USDJPY corrects higher before final push towards 112.00/111.60 targets
|The pair bounces from fresh three-week low at 112.25 posted yesterday, with daily close below 112.57 (Fibo 76.4% of 111.67/115.49 rally), generating bearish signal and exposing round-figure support at 112.00, ahead of key short-term support at 111.57/67 zone (07/28 Feb lows that formed higher base.
Current move higher could be seen as correction that should be ideally capped under 113.00 (top of hourly Ichimoku cloud).
Extended upticks are expected to stay under strong 113.50 resistance zone (daily cloud base/Kijun-sen / 20/30 SMA’s), before bears resume.
Only firm break here would sideline bears and signal stronger correction.
Res: 112.88; 113.00; 113.34; 113.50
Sup: 112.57; 112.25; 112.00; 111.67
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