HomeContributorsTechnical AnalysisUSDJPY – Near-Term Bulls Are Consolidating Ahead Of Key 115.55/60 Barrier

USDJPY – Near-Term Bulls Are Consolidating Ahead Of Key 115.55/60 Barrier

The pair is consolidating under very important barriers at 115.55/60 (daily cloud top/Kijun-sen line/19 Jan recovery peak), after strong two day rally was capped just under this barrier on Friday.

Bullish near-term studies support further advance, as daily bears are fading after pullback from 118.65/59 tops bottomed at 115.50 zone.

Higher base and double-bottom has formed here, generating strong bullish signal.

Final break above 115.55/60 pivot (also 50% of 118.59/112.50 pullback) is needed to trigger fresh bullish acceleration towards 116.30 (Fibo 61.8%) initially.

Meantime, daily Tenkan-sen (currently at 114.05) needs to hold and keep bullish sentiment alive.

Conversely, break below 114.05 would signal repeated recovery rejection and expose the lower boundary of 112.50/115.60 range for retest.

Res: 115.36, 115.60, 116.30, 116.85
Sup: 114.24, 114.05, 113.60, 113.03

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