USD/JPY remains supported by favorable fundamentals but needs break of key Fibo barrier to resume larger rally
The USDJPY edged higher on Thursday, pressuring pivotal Fibo resistance at 142.50 (61.8% of 151.94/127.22), underpinned by predominantly hawkish Fed’s narrative and US weekly jobless claims within expected limits.
Larger bulls continue to face headwinds from key Fibo level, along with overbought conditions and fading bullish momentum on daily chart, which may keep the pair in extend consolidation below this level.
However, near-term action is expected to remain biased higher while holding above supports at 141 zone (former top of May 30 / rising 10DMA).
Eventual break of Fibo barrier at 142.50 would generate bullish signal for fresh acceleration higher and expose targets at 145.10 (Oct 27 low) and 146.10 (Fibo 76.4%).
Res: 142.50; 143.00; 144.56; 145.10.
Sup: 141.61; 140.93; 140.30; 140.00.
, underpinned by predominantly hawkish Fed’s narrative and US weekly jobless claims within expected limits.){kind=link}