USDJPY – extension above 200SMA pressures key Fibo barrier at 110.87

Slobodan Drvenica Windsor Brokers

USDJPY

Fresh bullish acceleration on Thursday neutralizes initial negative signal on Wednesday’s Hanging Man candle and moves towards next pivotal barriers at 110.84/87 (27 Nov low / Fibo 61.8% of larger 114.73/104.63 fall).
Repeated close above 200SMA, which also contained today’s dips, was strong bullish signal for continuation of an uptrend from 104.63 (26 Mar low). Close above 110.87 Fibo barrier would open way for test of round-figure 112 barrier (also base of weekly cloud, spanned between 111.96 and 112.99). Broken former strong barriers at 110.15 (200SMA) and psychological 110 are expected to keep the downside protected.

Res: 110.87; 111.00; 111.48; 112.00
Sup: 110.45; 110.15; 110.00; 109.68

Interested in USDJPY technicals? Check out the key levels

1. R3 110.92
2. R2 110.67
3. R1 110.53
PP 110.28
1. S1 110.15
2. S2 109.9
3. S3 109.76

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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