USD/JPY breaks resistance at 112.20, targets 113.40

FX:USDJPY   U.S. Dollar / Japanese Yen
371 1 10
USD/JPY             catches fresh bid tone in the last hour, breaks channel-top resistance at 112.20.

Not so upbeat comments from the BOJ's Kiuchi and the rebound seen in the Japanese stocks restricting upside in the Yen.

Kiuchi highlighted the side-effects of massive JGB buying and added that its difficult to achieve the 2% price target with monetary policy alone.

Momentum studies on 4 hourly charts are bullish , further upside in the pair likely.

Immediate resistance is located at 113.05 (Feb 23rd highs), breaks above will take the major to test 113.13 (10-DMA) and then 113.41 (61.8% Fib of 114.87 to 111.04 fall).

To the downside, immediate support lies at 111.65 (Feb 12th lows) and below that at 111.05/110.98 (Feb 24 & 11 Low).

Watch out for US durable goods data due later in the day and Friday’s prelim GDP figures which could have a major influence on the pair.

Good to buy dips around 112.30/40, SL: 111.90, TP: 113/113.10/113.40
The USD/JPY seems to have completed two bearish ABC zigzags and could now be building a bullish ABC within wave Y (blue) unless price breaks the bottom. Long is the play.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out