HomeContributorsTechnical AnalysisTechnical Outlook: USDJPY – Bulls Need Consolidation Before Attacking Key 112.70/90 Resistance...

Technical Outlook: USDJPY – Bulls Need Consolidation Before Attacking Key 112.70/90 Resistance Zone Again

Strong three-day recovery is taking a breather after rally was capped by falling 20SMA at 112.68 which formed bear-cross with 55SMA.

Consolidation so far found footstep at 112.32 (broken Fibo 38.2% of 114.73/110.83 descend) but overbought slow stoch and 20/55 bear-cross weigh and signal deeper pullback.

Next solid support lies at 112.00, with extended dips required to reverse above 111.80/75 (daily Tenkan-sen / 10SMA) to keep alive hopes of fresh upside attempts for test of strong resistance zone between 112.70 and 112.90 (20/55SMA’s / daily Kijun-sen and cloud top).

Sustained break here is needed to confirm bullish continuation.

Conversely, close below 112.75 would signal lower top at 112.68 and turn near-term risk lower.

Res: 112.68, 112.78, 112.90, 113.24
Sup: 112.32, 112.00, 111.75, 111.68

Windsor Brokers Ltd
Windsor Brokers Ltdhttp://www.windsorbrokers.com/
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.

Featured Analysis

Learn Forex Trading