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USD/JPY Outlook: Bulls Regain Traction after Shallow Oullback, US Jobs Data Eyed for Fresh Signals

The dollar regained traction on Monday after a two-day pullback from a new three-month high (111.11) found strong bids at 110.50 (rising 10DMA) zone, with Friday’s long-tailed candle pointing to downside rejection.

Bullish daily studies suggest that bulls may probe again through previous high at 110.96 (31 Mar) with sustained break of 111.00 zones to signal an end of larger correction (110.96/107.47) and bullish continuation towards 112.41 (50% retracement of 125.84/98.99 downtrend / Apr 2019 high).

Rising 10DMA (110.55) tracks the advance and expected to keep the downside protected and maintain a bullish bias.

US labor data for June are in focus this week and expected to provide fresh direction signal.

Res: 111.11; 111.41; 111.72; 112.00.
Sup: 110.55; 110.00; 110.21; 109.78.

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