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May 12 - 04:55 PM

USD/JPY - Shrugs Off Another Setback, Eyes Bullish Close Above Tenkan

By Randolph Donney  —  May 12 - 03:20 PM
  • Second time in 2 wks prices fell below but couldn't close below key prop

  • The 50% Fibo of the March-May rise at 133.71 brought buyers on Thur

  • Failure to close below it, triggering a big rally on Fri

  • Friday's high breached the daily tenkan/50% of 137.78-3.50 slide at 135.64

  • A close above there would open the way to the 61.8% at 136.145 on EBS

  • Daily tenkan, kijun and cloud remain bullishly aligned

  • Kijun, now at 134.65, was also breached in May, but not closed below

For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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