USD/JPY outlook: Bulls hold grip for retest of pivotal Fibo barrier

Slobodan Drvenica Windsor Brokers

USD/JPY

USDJPY firmed further on Monday and partially offset warning from long upper shadow of Friday’s daily candle, as fresh strength looks for retest of pivotal Fibo resistance at 158.22 (76.4% of 160.19/151.85) which capped Friday’s rally.

Firm break here to open way towards targets at 160.00/19 (psychological/2024 high, posted on Apr 29).

Technical picture on daily chart is bullish, although with warning of increased headwinds expected at 158.22 Fibo barrier, as stochastic continues to fluctuate around the borderline of overbought territory.

Near-term bias to stay with bulls while the action stays above 157.00 (broken Fibo 61.8% level.

Res: 158.22; 158.43; 159.00; 160.00.
Sup: 157.16; 157.00; 156.63; 156.00.

Interested in USD/JPY technicals? Check out the key levels

1. R3 159.6
2. R2 158.93
3. R1 158.16
PP 157.48
1. S1 156.71
2. S2 156.04
3. S3 155.27

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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