USD/JPY Outlook: Bulls Extend Consolidation Under Key Barriers, Broken 200SMA Continues To Underpin

Technical analysis of Forex market

The pair shows strong hesitation at 112 barrier, following the third straight failure to close above here, but the price remains within tight range (111.64/112.13), keeping the downside limited.

Extended consolidation is likely to precede fresh push higher and eventual probe through significant barriers at 112.20/30 (Fibo 76.4% of 114.54/104.59/200WMA), break of which would generate strong bullish signal for continuation of uptrend from 104.59.

Dip-buying scenario remains in play while 200SMA support (111.35) holds.

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Res: 112.13, 112.20, 112.31, 112.60
Sup: 111.74, 111.35, 111.24, 110.85

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