Dollar regains traction and eyes 2022 high
The dollar tightens grip and extends advance against yen into the second day, heading towards the top of three-week congestion at 115.80.
Improving technical studies on daily chart (north-heading 14-d momentum is emerging into positive territory and MA’s turned to full bullish setup) support the action, along with strong buying from Japanese importers.
Fresh push higher probes above pivotal Fibo barrier at 115.60 (61.8% of 116.33/114.40 bear-leg), with break here and range top (115.80) to open way for retest of 2022 high at 116.33.
Converging 10/20DMA’s are on track to form bull-cross and further underpin the action and offer solid support at 115.27 zone, which should keep the downside protected and maintain bullish near-term stance.
Res: 115.80; 116.00; 116.33; 116.79
Sup: 115.47; 115.37; 115.27; 114.14