HomeContributorsTechnical AnalysisUSD/JPY: Bulls Hold Grip Despite Multiple Failure at Pivotal Fibo Barrier

USD/JPY: Bulls Hold Grip Despite Multiple Failure at Pivotal Fibo Barrier

USDJPY regains traction on Thursday and retraces a part of two-day pullback, which was sparked by repeated failure to clearly break Fibo barrier at 146.10 (76.4% of 151.94/127.22 descend).

Bullish setup of daily indicators adds to hopes that recovery may pick up and attack again 146.10 pivot, with sustained break to expose psychological 150 barrier, last time tested in Oct 2022, when bulls spiked to 151.94, but quick pullback marked a false break higher.

Fresh recovery still needs to clear 10DMA (145.59) to be confirmed but be aware of risk of extended sideways mode if bulls fail again at 146.10.

Larger bullish bias is expected to remain intact while the action stays above pullback lows, which mark Fibo 38.2% of August 141.51/146.56 rally.

Res: 145.59; 146.10; 146.56; 147.00.
Sup: 144.63; 144.03; 143.44; 142.70.

Windsor Brokers Ltd
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