USD/JPY Outlook: The dollar rises near psychological 110 barrier after NFP shocker
- 5th June 2020
- Posted by: Hakeem
- Category: FOREX LATEST NEWS DAILY, FOREX MARKET ANALYSIS, FUNDAMENTAL ANALYSIS
The pair rose to two-week high on Friday after US NFP shocker inflated dollar.
Fresh bullish acceleration extends advance of past three days through key Fibo barrier at 109.52 (61.8% of 111.71/105.98) and cracked next strong barrier at 109.85 (200WMA).
Weekly close above these barriers would further improve the outlook and expose targets at 110.00 (psychological) and 109.36 (Fibo 76.4%), with stronger acceleration to possibly extend to 111.
The pair is on track for the biggest weekly gains since mid-March that also adds to positive signals.
Caution on overbought daily studies which may slow bulls in coming sessions.
Broken Fibo barrier at 109.52 offers immediate support, with deeper easing to stay above the top of weekly cloud (108.98) and keep bulls in play.
Res: 110.00; 110.36; 111.00; 111.23
Sup: 109.52; 108.98; 108.80; 108.38