USDJPY outlook: Bulls eye key barriers at 113.20 zone; dip buying remains favored
|USDJPY
The pair hit new two-month high at 112.87 on Friday, in extension of broader uptrend, after fresh bullish signal was generated on Thursday’s close above 112.37 (Fibo 76.4% of 113.17/109.77 fall).
Bullish techs suggest further gains for eventual attack at key 113.20 zone (19 July high / Fibo 138.2% of current wave C of five-wave cycle from 109.77).
Bulls may consolidate before continuing, as overbought daily slow stochastic suggests. Corrective dips face support at 112.37 (broken Fibo 76.4% barrier), with deeper pullback expected to find ground at 112.00 zone (Thursday’s low / rising daily Tenkan-sen) to keep bulls in play.
Conversely, break here would delay bulls for deeper correction.
Res: 112.87; 113.00; 113.20; 113.69
Sup: 112.37; 112.04; 111.96; 111.66
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