USD/JPY outlook: Keeps firm tone and continues to trade near pivotal 155.00 barrier
USD/JPY
USDJPY keeps firm tone and continues to trade near pivotal 155 barrier, where strong offers cap the action on expectations that Japan’s authorities may intervene at this zone.
Technical picture on daily and weekly chart remains increasingly bullish, with strong positive signal generated on weekly close above important Fibo level at 152.60 (38.2% of larger 277.65/75.55, 1982/2011 downtrend), which would open way for stronger acceleration towards 160 zone (1990 high)., but with major requirement for sustained break of 155.00 trigger.
Rising 10DMA contained last Friday’s spike lower, adding to bullish near-term bias, though overbought conditions and strong headwinds at 155 barrier, warn that price action may stay in extended sideways mode.
Dips should hold above broken 152.60 barrier (reinforced by rising 20DMA) which reverted to strong support, to offer better opportunities to re-join bullish market.
Caution on sustained break below 152.60, which would weaken near-term structure and increase downside risk.
Res: 155.00; 155.77; 156.36; 157.73.
Sup: 154.42; 153.87; 152.60; 152.00.
Interested in USD/JPY technicals? Check out the key levels
Reprinted from FXStreet，the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.