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Home Contributors Technical Analysis Technical Outlook: USDJPY – Extended Post-Fed Bullish Acceleration Approaches Targets At 112.80/113.00

Technical Outlook: USDJPY – Extended Post-Fed Bullish Acceleration Approaches Targets At 112.80/113.00

The pair continues to trend higher after hawkish Fed boosted dollar on Wednesday and Bank of Japan, as expected, kept policy steady at the end of two-day meeting, keeping the overall bullish trajectory in play. Fresh extension approaches next targets at 112.80 (Fibo 76.4% of 114.49/107.31 descend) and psychological 113.00 barrier (also Fibo 50% of larger 118.66/107.31 descend). Bulls may take a breather at these points as strongly overbought slow stochastic on daily chart warns of pullback. Broken 200SMA (112.18) should ideally contain dips and guard daily cloud top (111.61) violation of which would sideline bulls and signal deeper correction.

Res: 112.80, 113.00, 113.57, 113.96
Sup: 112.35, 112.18, 111.75, 111.61

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