USD/JPY has bounced off major trendline support on Friday's trade, intraday bias remains higher.
CFTC positioning data for the week ending 4th April 2017 showed surge in USD net longs.
Technical indicators support upside, daily stochs and RSI are biased higher and MACD is on verge of a bullish crossover.
However, upside has been capped by weekly 5-SMA at 111.57, if the pair manages to break above we see gains upto 112.70 (50-DMA).
On the flipside, break below trendline support at 110.10 could see drag upto 109.37 (50% Fib retrace of 100.08 to 118.66 rally).
Support levels - 110.92 (5-DMA), 110.10 (trendline), 109.37 (50% Fib retrace of 100.08 to 118.66 rally)
Resistance levels - 111.57 (Weekly 5-SMA), 111.67 (20-DMA), 112.69 (50-DMA)
Focus on this week’s event calendar: Retail sales, PPI, CPI, preliminary U-Mich sentiment, JOLTS survey and NFIB small business sentiment.
Good to buy dips around 111.15/20, SL: 110.60, TP: 111.55/ 111.70/ 112/ 112.70
CFTC positioning data for the week ending 4th April 2017 showed surge in USD net longs.
Technical indicators support upside, daily stochs and RSI are biased higher and MACD is on verge of a bullish crossover.
However, upside has been capped by weekly 5-SMA at 111.57, if the pair manages to break above we see gains upto 112.70 (50-DMA).
On the flipside, break below trendline support at 110.10 could see drag upto 109.37 (50% Fib retrace of 100.08 to 118.66 rally).
Support levels - 110.92 (5-DMA), 110.10 (trendline), 109.37 (50% Fib retrace of 100.08 to 118.66 rally)
Resistance levels - 111.57 (Weekly 5-SMA), 111.67 (20-DMA), 112.69 (50-DMA)
Focus on this week’s event calendar: Retail sales, PPI, CPI, preliminary U-Mich sentiment, JOLTS survey and NFIB small business sentiment.
Good to buy dips around 111.15/20, SL: 110.60, TP: 111.55/ 111.70/ 112/ 112.70