USD/JPY outlook: Bulls look for retest of 2023 peak

Slobodan Drvenica Windsor Brokers

USD/JPY

Bulls regained control and are on track to fully retrace a pullback sparked by comments of BoJ Governor Ueda about possible change in monetary policy.

Positive impact on yen was short-lived as dollar remains well supported despite threats of Japan’s intervention.

Firmly bullish daily techs underpin the action which looks for the fourth consecutive weekly close above broken Fibo level at 146.10 (76.4% of 151.94/127.22), now acting as solid support and keeping the downside protected.

Break of last Friday’s high at 147.87 (2023 peak) to reinforce bullish structure for possible attack at psychological 150 barrier.

First support at 146.88 (daily Tenkan-sen should ideally contain and guard key 146.10 level (reinforced by daily Kijun-sen), loss of which put larger bulls on hold.

Res: 148.00; 148.59; 148.84; 149.70.
Sup: 147.34; 146.88; 146.43; 146.10.

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

1. R3 148.24
2. R2 147.9
3. R1 147.69
PP 147.35
1. S1 147.14
2. S2 146.8
3. S3 146.59

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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