USDJPY bulls eye 2022 high
The USDJPY resumes rally on Tuesday and hit one-week high, as dollar remains supported by expectations for Fed’s multiple rate hike and persisting policy divergence between the US and Japanese central banks.
Bulls eye pivotal barrier at 115.68 (Jan 28 high / Fibo 76.4% of 116.35/113.47 descend), violation of which would open way for test of 2022 high (116.35), posted on Jan 4.
The action is supported by bullish daily studies (positive momentum continues to rise / formation of Tenkan-sen – Kijun-sen bull cross and the price being underpinned by rising daily cloud).
Weekly techs additionally support after January’s double downside rejection and subsequent bounce formed a higher base at 113.47.
Initial support lays at 115.25 (broken Fibo 61.8%) with 114.90 zone (Tenkan – Kijun-sen bull cross / daily cloud top) expected to contain potential stronger dips.
Res: 115.67; 115.85; 116.00; 116.35
Sup: 115.43; 115.25; 114.90; 114.62