USD/JPY jumped this morning and nailed new fresh 3-month high following the US GDP report, that boosted the greenback. On the other hand CPI in Japan met the expectations of rising with 0.7% y/y, but had insignificant effect on markets.
Technically speaking, the pair is keeping neutral to bullish stance. USD/JPY pushed higher but stalled at 114.31, which is strong resistance level provided by 61.8% Fibonacci retracement of December 2016 to September 2017 bearish decline.
On the four hour time frame the price is developing above its moving averages, all of the with bullish slope. Stochastic has started to turn south, but yet remains within positive territory. RSI is located slightly above its mid-line and is aiming north.
Now the pair is hovering around 114.00 area with current market price 114.02. Bullish continuation will be confirmed only above the barrier at 114.31 with next focus on 114.39. Looking to downside, immediate support is see at 113.29 and in case of breaking it to below, doors are opened for testing 113.00 (50% Fibo of same decline).
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