Slobodan Drvenica
Windsor Brokers
USD/JPY
USDJPY surged to new 34-year high on Friday after the Bank of Japan kept its ultra-low interest rates unchanged and lacked to provide clearer signals about the timing of next rate hike, which further deflated yen.
Fresh bullish acceleration on Friday surged through 156.00 barrier, hitting the highest since 1990 (156.82 so far), after surpassing target at 156.36 (Fibo 138.2% projection of the upleg from 140.25).
The pair is on track to extend steep rally into sixth straight week, with weekly close above former pivot at 155.00 and monthly close above broken significant Fibo barrier at 152.60 (38.2% of larger 277.65/75.55 downtrend), to confirm strong bullish signal and open way towards psychological 160 barrier.
Overbought conditions may slow bulls, with limited dips (ideally to be contained by 155.00 support, reinforced by 10DMA) to offer fresh buying opportunities.
Caution on dip below 155.00, though overall bias is expected to remain with bulls while the price stays above broken Fibo barrier at 152.60, reverted to pivotal support..
Res: 157.00; 157.73; 159.11; 160.00.
Sup: 155.74; 155.00; 154.65; 153.55.
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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