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USD/JPY Outlook: Bulls Pressure Psychological 110 Barrier, Close Above 200WMA is Crucial

Strong bullish acceleration extends into second day and breaks through Fibo barrier at 109.56 (76.4% of 111.71/102.59), on track for eventual weekly close above 200 WMA (109.31) that would add to strong bullish signals.

Bulls approach targets at 109.85 (June 5 high) and psychological 110 level, break of which would open way for full retracement of 111.71 / 102.59 fall).

Bullish momentum is picking up on daily chart but overbought conditions and narrowing 20-d Bollinger bands warn of headwinds at 110 zone and possible consolidation before bulls continue.

Dip-buying to remain favored while the price action stays above 109 support (rising 10DMA).

Res: 109.85; 110.00; 110.32; 110.68.
Sup: 109.56; 109.36; 109.13; 109.00.

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