USDJPY – extended recovery eyes key barrier – daily cloud top
The dollar extends strong recovery against yen, rallying for the third straight day and broke above pivotal barrier at 112.32 (Fibo 38.2% of 114.73/110.83 downleg).
Bulls eye strong barriers at 112.69 (converged 20/55SMA’a, attempting to form bear-cross) and 112.82 (daily cloud to, reinforced by Kijun-sen) where strong offers lay.
Sustained break here would generate strong bullish signal for recovery continuation and expose next pivot at 113.24 (Fibo 61.8% of 114.73/110.83).
Hesitation at 112.69/82 barriers could be expected and consolidation ahead of break higher expected to offer buying opportunities while 10SMA (111.80) holds dips.
Res: 112.69; 112.82; 113.02; 113.24
Sup: 112.32; 111.80; 111.68; 111.35
