USDJPY – bullish outlook above 113.60
The pair bounces above 114.00 on Tuesday after Monday’s strong upside rejection and close in red.
However, the downside remains well protected at 113.60 zone (multiple downside rejections / Fibo 61.8% of 112.95/114.73 upleg) and buying dips strategy remains favored while the latter holds.
Close above cracked 114.33 barrier (Fibo 61.8% retracement of 118.66/107.31 pullback) will generate bullish signal for extension towards next targets at 115.00 (round-figure resistance) and 115.50 (10 Mar high).
Bullish setup of daily studies is supportive, with rising 10SMA (113.86) continuing to underpin.
Only reversal below rising 20SMA (113.28) would neutralize and turn near-term focus lower.
Res: 114.45; 114.73; 115.00; 115.50
Sup: 114.00; 113.84; 113.67; 113.53