Slobodan Drvenica
Windsor Brokers
USDJPY
The pair hit new two-month high at 112.87 on Friday, in extension of broader uptrend, after fresh bullish signal was generated on Thursday’s close above 112.37 (Fibo 76.4% of 113.17/109.77 fall).
Bullish techs suggest further gains for eventual attack at key 113.20 zone (19 July high / Fibo 138.2% of current wave C of five-wave cycle from 109.77).
Bulls may consolidate before continuing, as overbought daily slow stochastic suggests. Corrective dips face support at 112.37 (broken Fibo 76.4% barrier), with deeper pullback expected to find ground at 112.00 zone (Thursday’s low / rising daily Tenkan-sen) to keep bulls in play.
Conversely, break here would delay bulls for deeper correction.
Res: 112.87; 113.00; 113.20; 113.69
Sup: 112.37; 112.04; 111.96; 111.66
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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