USDJPY – bulls pressure pivotal 114.00 resistance zone

Slobodan Drvenica Windsor Brokers

USDJPY

The pair extends recovery from 113.22 higher base on Tuesday and probes through 10SMA barrier at 113.80.

Bounce from 113.09 correction low so far retraced 50% of 114.73/113.09 pullback and needs sustained break above 113.90/114.10 barriers (daily Tenkan-sen / Fibo 61.8% of 114.73/113.09 downleg) to confirm reversal and expose key barrier at 114.73 (06 Nov peak).

Daily techs are bullish and favor further advance however, risk of recovery stall would remain in play if bulls fail to clear 113.90/114.10 pivots.

Rising 20SMA underpins the advance (currently at 113.63), followed by rising 30SMA (113.23) loss of which will be bearish.

Res: 113.90; 114.10; 114.45; 114.73
Sup: 113.63; 113.23; 113.09; 112.84

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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