HomeContributorsTechnical AnalysisUSD/JPY: Bulls Hold Grip and Eye 150 Target

USD/JPY: Bulls Hold Grip and Eye 150 Target

USDJPY extends advance and hit the highest since early November in early Monday, as the greenback enjoys strong support from diverging Fed and BOJ monetary policies and less talks about Japan’s intervention

In the last week’s meeting, the Fed signaled that it may raise interest rates once more this year and likely to keep high borrowing cost for some time, while the Bank of Japan also stayed on hold this time, but also kept dovish stance, which further deflated yen.

Technical picture remains firmly bullish on daily chart, as last Thursday’s shallow pullback was contained by rising daily Tenkan-sen and subsequent bounce on Friday completed bullish engulfing pattern.

The fifth consecutive weekly close above broken Fibo level at 146.10 (76.4% of 151.94/127.22 downtrend) added to growing bullish signals.

Immediate target at 148.84 (Oct 31 high) is under pressure and break here to open way for test of psychological 150.00 barrier, which guards key resistance at 151.94 (2022 high).

Bulls are expected to remain firmly in play while the price holds above ascending daily Tenkan-sen (147.82).

Res: 148.84; 149.70; 150.00; 151.94.
Sup: 148.24; 147.82; 147.32; 146.53.

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