USD/JPY Outlook: Extended Bulls Pressure Key 200WMA Barrier

Technical analysis of Forex market

Extension of Thursday’s strong rally (0.58%) hit five-week high and approaches key barrier at 112.02 (200WMA) and nearby pivots at 112.19 (Fibo 76.4% of 114.54/104.59 / upper 20-d Bollinger band).

Thursday’s close above 200SMA was strong bullish signal for attack at 112.02/19 pivots, violation of which would open way for 113+ gains.

The action remains underpinned by ascending massive daily cloud and on track for the third straight bullish weekly close (this week’s candle has a long tail) and the second close above weekly cloud top that adds to bullish outlook.

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Caution on possible hesitation at 200WMA as daily 14-d momentum is cresting.

Corrective dips would offer better opportunities for renewed longs, while broken 200SMA (111.50) holds.

Res: 112.02, 112.19, 112.60, 113.00
Sup: 111.82, 111.50, 111.21, 111.06

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