USD/JPY has broken 50-DMA at 111.67, bias remains higher.
Immediate resistance at 112.31 (Ichi cloud base), break above will see further upside.
Momentum studies are bullish, RSI is strong at 62 levels and biased higher.
Weakness with chance of bearish reversal only below 50-DMA at 111.67.
FOMC meeting and ADP employment report in focus for further impetus.
Support levels: 112, 111.75 (5-DMA), 111.67 (50-DMA), 110.61 (23.6% Fib retrace of 118.662 to 108.13 fall), 110.20 (20-DMA)
Resistance levels: 112.31 (cloud base), 112.86 (cloud top), 113, 113.40 (50% Fib)
Good to go long on dips around 112.10, SL: 111.60, TP: 112.85/ 113/ 113.40
Immediate resistance at 112.31 (Ichi cloud base), break above will see further upside.
Momentum studies are bullish, RSI is strong at 62 levels and biased higher.
Weakness with chance of bearish reversal only below 50-DMA at 111.67.
FOMC meeting and ADP employment report in focus for further impetus.
Support levels: 112, 111.75 (5-DMA), 111.67 (50-DMA), 110.61 (23.6% Fib retrace of 118.662 to 108.13 fall), 110.20 (20-DMA)
Resistance levels: 112.31 (cloud base), 112.86 (cloud top), 113, 113.40 (50% Fib)
Good to go long on dips around 112.10, SL: 111.60, TP: 112.85/ 113/ 113.40
Comment:
TP1 hit
