USD/JPY outlook: Upbeat US data lift USD/JPY to two-week high [Video]

Slobodan Drvenica Windsor Brokers

USD/JPY

USDJPY jumped to two-week high on Thursday after better than expected US economic data (retail sales / jobless claims) reduced growth concerns and shifted expectations from 50 basis points Fed rate cut in September to initial 25 basis points plan.

Fresh gains resulted in breach of five-day congestion top, signaling continuation of recovery leg from 141.68 (Aug 5 low).

Bulls cracked pivotal Fibo barrier at 149.36 (38.2% of 161.80/141.68), with close above this level to further strengthen near-term structure for extension through psychological 150 resistance.

Broken range top reverted to support (148.22) which should ideally keep the downside protected and guard lower pivot at 146.50 zone (congestion floor / 10 DMA).

Res: 149.36; 150.00; 151.00; 151.48.

Sup: 148.22; 147.05; 146.50; 145.41.

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

1. R3 152.45
2. R2 150.93
3. R1 150.1
PP 148.58
1. S1 147.76
2. S2 146.23
3. S3 145.41

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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