Slobodan Drvenica
Windsor Brokers
USD/JPY
USDJPY resumes uptrend on Monday, after a brief pause last Thu/Fri and hit new multi-decade high, just ticks ahead of 154.00 round-figure barrier.
Bulls hold grip despite increased pressure from overbought studies, with last week’s close above former pivotal barriers at 152.00 zone, adding to bullish signals.
Initial resistances lay at 154.00/25, guarding targets at 155.00/29 (psychological / Fibo 200% projection of the rally from 146.48, Mar 8 low).
Near-term bias to remain firmly with bulls while the price action stays above rising 10DMA (152.32) while loss of strong supports at 152.00 zone (former tops / 20DMA) would increase risk of deeper pullback.
Although fears of intervention have eased, markets remain cautious, as Japan’s authorities are ready to intervene to support weakening yen.
Res: 154.00; 154.25; 155.00; 155.29.
Sup: 152.94; 152.32; 152.00; 150.80.
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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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