HomeContributorsTechnical AnalysisTechnical Outlook: USDJPY – Stronger Direction Signal On Lift Above Tenkan-Sen

Technical Outlook: USDJPY – Stronger Direction Signal On Lift Above Tenkan-Sen

The pair is attempting to break above 10/20SMA’s (112.39/42) which capped previous day’s rally. Fresh attempts to signal direction are under way after Tuesday’s trading ended in long-legged Doji, showing strong indecision. However, near-term bias is turned higher after the pair bounced from key 200SMA support which contained several attacks. Stronger direction signal could be expected on lift above 10/20SMA’s and daily Tenkan-sen (112.54) which would expose 112.75 (Fibo 61.8% of 113.43/111.65 downleg) and psychological 113.00 barrier (also Fibo 76.4%). Otherwise, extended consolidation could be expected while the pair holds within 11.40/112.00 range, while return below 112.00 will generate negative signal for renewed attempt at 200SMA.

Res: 112.54, 112.75, 113.00, 113.25
Sup: 112.33, 112.00, 111.75, 111.65

Windsor Brokers Ltd
Windsor Brokers Ltdhttp://www.windsorbrokers.com/
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

Featured Analysis

Learn Forex Trading