The USDJPY rises on Thursday, confirming reversal signaled by a hammer candle on Tuesday, after Wednesday’s Doji questioned fresh bulls.
Bounce from correction low at 137.38 so far retraced over 61.8% of a shallow 139.39/137.38 pullback, signaling that bulls regained control and will look for a continuation of larger uptrend.
The action remains tracked by a rising 10DMA (137.83), adding to bullish daily studies (rising bullish momentum / MA’s in positive setup), preparing ground for stronger acceleration and test of targets at 139.92/140.00 (Sep 1998 high/psychological) violation of which would open way for further advance.
Res: 138.91; 139.39; 139.92; 140.00.
Sup: 138.38; 137.83; 137.38; 136.79.