USD/JPY outlook: Dollar edges higher but still holding within a triangle

Slobodan Drvenica Windsor Brokers

USD/JPY

The USDJPY regained traction on Tuesday and resumed the upleg from Aug 11 trough (131.73).

Fresh bullish acceleration broke through important Fibo barrier at 133.83 (38.2% of 139.39/130.39) and pressuring the triangle resistance trendline (134.37).

Break of these obstacles would improve near-term structure and open way for further advance, though daily studies are mixed and the action is likely to lack clearer direction while holding within the triangle, with stronger signals expected on break of boundaries of rising thick daily cloud (132.05/135.17).

Res: 134.37; 134.61; 134.89; 135.17.
Sup: 133.83; 132.94; 132.36; 132.05.

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

1. R3 134.8
2. R2 134.2
3. R1 133.76
PP 133.16
1. S1 132.71
2. S2 132.11
3. S3 131.67

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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