USD/JPY

The pair maintains firm bullish tone for the sixth straight day and hit new multi-month high in early Tuesday’s trading, driven by rising demand for the US dollar.

Bulls pressure resistances at 107 zone, consisting of mid-Aug high (106.94), Fibo 50% of 111.71/102.59 (107.15) and 100WMA (107.22), violation of which would open way for 108+ extension.

Daily studies show very strong bullish momentum, with double golden-cross (10/200 and 20/200DMA’s) underpinning the action, but overbought stochastic and RSI warn that bulls may pause here for consolidation.

Dips should be ideally contained above former high at 106.22 (17 Feb), but near-term action is expected to keep bullish bias above rising 10DMA (105.94).

Res: 106.94; 107.22; 107.52; 108.00.
Sup: 106.69; 106.43; 106.22; 105.94.

USDJPY

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

    1. R3 107.5
    2. R2 107.2
    3. R1 106.98
  1. PP 106.67
    1. S1 106.46
    2. S2 106.15
    3. S3 105.94

 

The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

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