Slobodan Drvenica
Windsor Brokers
USD/JPY
Strong bullish acceleration extends into second day and breaks through Fibo barrier at 109.56 (76.4% of 111.71/102.59), on track for eventual weekly close above 200 WMA (109.31) that would add to strong bullish signals.
Bulls approach targets at 109.85 (June 5 high) and psychological 110 level, break of which would open way for full retracement of 111.71 / 102.59 fall).
Bullish momentum is picking up on daily chart but overbought conditions and narrowing 20-d Bollinger bands warn of headwinds at 110 zone and possible consolidation before bulls continue.
Dip-buying to remain favored while the price action stays above 109 support (rising 10DMA).
Res: 109.85; 110.00; 110.32; 110.68.
Sup: 109.56; 109.36; 109.13; 109.00.
Interested in USD/JPY technicals? Check out the key levels
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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