The dollar hit fresh over three-month high against Japanese yen after Japanese PM Abe’s coalition won election on Sunday. The pair cracked 114.00 barrier and posted new high at 114.09 (the highest since July 11), following gap-higher opening on Monday. Bulls are looking for final push towards key barriers at 114.33 (Fibo 61.8% of 118.66/107.31 descend) and 114.36/49 (11 May/11 July former tops) break of which would generate strong bullish signals. Studies are bullish but overbought slow stochastic on daily chart warns of consolidation before clear break above 114.00 barrier. Strong supports at 113.58/43 zone (hourly Kijun-sen/Friday’s high/former top of 06 Oct) so far keep the downside protected, however, deeper dips towards rising daily Tenkan-sen (112.85) cannot be ruled out before bulls resume. Conversely, return below 112.54 (rising daily Kijun-sen/4-hr cloud top) would sideline bulls.
Res: 114.09, 114.33, 114.50, 114.95
Sup: 113.58, 113.43, 113.16, 112.85
