USD/JPY Outlook: Final Break Above 200SMA Inflated Bulls For Test Of Next Key Barriers At 112.20/35

Technical analysis of Forex market

The pair maintains strong bullish tone and extends rally to psychological 112 barrier on Friday, after upbeat US GDP data on Thursday boosted the dollar.

Eventual break and close above pivotal 200MA barrier (the pair last traded above it in late Dec) was strong bullish signal, which requires confirmation on weekly close above 200SMA.

Bulls eye next key barriers at 112.20/35 (Fibo 76.4% of 114.54/104.59 descend / 200WMA), violation of which would expose 114 zone.

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Bullish daily techs support scenario, but overbought conditions warn that rally may run out of steam on approach to 112.20/35 pivots.

Broken 200SMA now marks solid support which is expected to hold dips and keep bulls in play.

Res: 112.00,112.20,112.35,112.66
Sup: 111.55,111.41,111.31,110.92

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