The USDJPY is consolidating above rising daily cloud in early Monday, trying to capitalize from initial reversal signals (strong rejection above converged 100/200DMA’s / two week downtrend contained by weekly cloud top / Friday’s bullish engulfing and close above daily cloud top).
Recovery was so far limited by initial Fibo resistance at 139.08 (23.6% of 145.06/137.23) keeping in play risk of stall, with slight bullish bias seen while the price stays above cloud top (138.38) though bulls need to regain pivotal barriers at 140.00/22 (psychological / Fibo 38.2%) to generate reversal signal.
Caution on return and close within daily cloud which would increase downside risk and signal possible end of brief corrective phase.
Res: 139.15; 140.00; 140.22; 140.98.
Sup: 138.36; 137.92; 137.04; 136.14.
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