USDJPY – bullish bias above daily cloud base

Slobodan Drvenica Windsor Brokers

USDJPY

The pair holds in green for the second day and retested initial barrier at 107.50 (05 Apr former high).
Today’s action is supported by 10SMA (107.10) and underpinned by daily cloud base (106.89) which maintains bullish bias.
Bulls eye initial target at 107.77 (13 Apr recovery peak), break of which is needed to open way for extension towards 107.90 (21 Feb high) and 108.25 (Fibo 61.8% of 110.48/104.63 descend).
Dip-buying above cloud base remains favored near-term scenario, while return and close below daily cloud would weaken near-term structure and risk dip towards higher base at 106.60 zone.

Res: 107.77; 107.90; 108.25; 108.77
Sup: 107.10; 106.89; 106.60; 106.45

Interested in USDJPY technicals? Check out the key levels

1. R3 107.83
2. R2 107.62
3. R1 107.43
PP 107.21
1. S1 107.02
2. S2 106.8
3. S3 106.61

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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