Weekly Technical Analysis Report 12 May – Bullish outlook on USDJPY
May 12, 2023
Weekly Technical Analysis Report 12 May – Bullish outlook on USDJPY
1. This week’s outlook on USDJPY: Bullish outlook seen
Price tested a key support zone at 134 on the Daily timeframe, which is in line with the 78.6% Fibonacci retracement. A break above the confirmation level at 135.2 could provide bullish acceleration towards the resistance zone at 137.2, which coincides with the 78.6% Fibonacci extension level. Price is holding above the Ichimoku cloud and 20 EMA, supporting our bullish bias.
Bullish Outlook on USDJPY – 12 May 2023 by Salzworth on TradingView.com
