USD/JPY struggles at cloud top, break above to see further gains
USD/JPY price action breaks into daily cloud, but upside seems to struggling to break past cloud top.
We find strong resistance at 112.80/90 levels, only break above could see further gains.
Momentum studies are still bullish, RSI is strong at 66 levels with scope to run further.
50-DMA at 111.68 is strong support on the downside and we see weakness and chance of bearish reversal only below.
Our previous call has hit TP1. Book partial profits at highs. Raise trailing stops to 112.30. Hold for upside.
We find strong resistance at 112.80/90 levels, only break above could see further gains.
Momentum studies are still bullish, RSI is strong at 66 levels with scope to run further.
50-DMA at 111.68 is strong support on the downside and we see weakness and chance of bearish reversal only below.
Our previous call has hit TP1. Book partial profits at highs. Raise trailing stops to 112.30. Hold for upside.
