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Forex Technical Outlook USDJPY 16.06.2017

Fri, Jun 16 2017, 10:24 GMT



The pair extends recovery above 111.00 barrier on Friday, following strong rally and close above 200 SMA barrier on Thursday.
The dollar remains supported after FOMC and strong US data while yen weakened further after Bank of Japan kept monetary policy and asset purchases unchanged.
Long bullish candle that was left on Thursday underpins fresh bullish action which met target at 111.37 (daily Kijun-sen) and eyes target at 111.58 (50% retracement of 114.36/108.80 descend).
Bulls may extend towards 111.80/88 zone (daily cloud base / 100SMA) but consolidation phase may precede fresh extension higher as slow stochastic is entering overbought territory.
Strong bids lay at 110.69 (converged 20/200SMA’s) where extended corrective dips are expected to find solid support.
The pair is on track for strong bullish weekly close which would support further recovery.

Res: 111.37; 111.58; 111.88; 112.12
Sup: 111.00; 110.83; 110.69; 110.41

Published on Fri, Jun 16 2017, 10:24 GMT

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