Recovery rally from 147.80 higher base and yesterday’s spike to 146.97, where strong downside rejection occurred, extends today and probes above strong barrier at 149.40 provided by daily cloud top, reinforced by daily Kijun-sen.
Close above cloud is needed to generate bullish signal for recovery extension and test of nearby psychological 150.00 barrier (also Fibo 61.8% of 151.94/146.97 downleg). Double-bottom on daily chart (146.93/97, 09 Oct/28 Nov lows) also boosts recovery which requires close above 150.00 to generate signal of recovery continuation towards 150.76 (Fibo 76.4%) and 151.00 (round-figure resistance).
Daily MA’s are turning into bullish setup and expected to support advance. Broken 20SMA marks initial support at 148.94, followed by 10SMA at 148.59 which holds today’s action.
Res: 150.00; 150.32; 150.76; 151.00
Sup: 148.94; 148.59; 147.80; 146.97
