USD/JPY Outlook: Bulls probe again through key 111.97/112.20 resistance zone

Slobodan Drvenica Windsor Brokers

USDJPY

The pair holds bullish tone on Monday, boosted by fresh risk mode and focuses 2019 high (112.13).
Bulls attempt to clearly break 200WMA (111.97) that would generate positive signal for extension of recovery leg from 104.59 (30 Dec spike low).
Two long daily bullish candles (Thu/Fri) underpin the action, but fading bullish momentum and overbought stochastic on daily chart suggest that bulls may take a breather before eventual break above strong barriers at 111.97/112.20 zone (200WMA/2019 high/Fibo 76.4% of 114.54/104.59 fall). Broken 200SMA (111.51) marks solid support which should contain corrective dips and maintain bullish bias.

Res: 112.13; 112.20; 112.60; 113.00
Sup: 111.88; 111.51; 111.22; 111.10

Interested in USDJPY technicals? Check out the key levels

1. R3 112.72
2. R2 112.41
3. R1 112.21
PP 111.89
1. S1 111.69
2. S2 111.38
3. S3 111.18

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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