udsjpy potential final push up towards 112 0020 before risk of minor reversal 1850292017
The USD/JPY had managed to stage a steep rebound from the 108.40/108.00 support (1.00 time Fibonacci projection of the decline from 02 Jan 2017 high […]
The USD/JPY had managed to stage a steep rebound from the 108.40/108.00 support (1.00 time Fibonacci projection of the decline from 02 Jan 2017 high […]
The USD/JPY had managed to stage a steep rebound from the 108.40/108.00 support (1.00 time Fibonacci projection of the decline from 02 Jan 2017 high & the lower boundary of the descending channel in place since 02 Jan 2017 high) which was reinforced by the positive optimism triggered by the results of the 1st round of French presidential election.
Now, let’s us take a look at the latest technical elements on USD/JPY ahead of today’s BOJ monetary policy action which is expected to be status quo.
Pivot (key support): 110.83
Resistance: 112.00/112.20
Next support: 110.53 & 109.56/40
As long as the 110.83 short-term pivotal support holds, the USD/JPY may see a residual push up to target the 112.00/112.20 resistance before a potential minor bearish reversal occurs.
However, failure to hold above 110.83 is likely to negate the preferred short-term bullish tone for a slide to test the 110.53 support. Only an hourly close below 110.53 may trigger the start of the deeper decline towards the 109.56/40 support zone.
Charts are from eSignal
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