Tue, Dec 06, 2022 @ 04:12 GMT
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/
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