USD/JPY outlook: Bulls pressure psychological 110 barrier, close above 200WMA is crucial

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

1. R3 109.89
2. R2 109.56
3. R1 109.37
PP 109.05
1. S1 108.86
2. S2 108.53
3. S3 108.34

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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