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The USD/JPY outlook has perked up following the failed attempt to test the April-low (108.13), and the pair may continue to threaten the downward trend from 2016 as it clears the narrow range from earlier this week; may see a test of the monthly high (111.71) as dollar-yen starts to carve a bullish sequence, while the Relative Strength Index (RSI) breaks out of the bearish formation carried over from the previous month.
In turn, a break/close above the Fibonacci overlap around 111.10 (61.8% expansion) to 111.60 (38.2% retracement) may open up the next topside region of interest around 112.40 (61.8% retracement) to 112.80 (38.2% expansion), which largely lines up with the May-high (114.37).
However, the recent developments in the Simple Moving Averages (SMA) highlight the risk for a near-term consolidation as the indicators flatten out, and failure to clear the monthly opening range may generate range-bound conditions over the coming days as the economic docket remains fairly light for the latter half of the month.
The USD/JPY outlook has perked up following the failed attempt to test the April-low (108.13), and the pair may continue to threaten the downward trend from 2016 as it clears the narrow range from earlier this week; may see a test of the monthly high (111.71) as dollar-yen starts to carve a bullish sequence, while the Relative Strength Index (RSI) breaks out of the bearish formation carried over from the previous month.
In turn, a break/close above the Fibonacci overlap around 111.10 (61.8% expansion) to 111.60 (38.2% retracement) may open up the next topside region of interest around 112.40 (61.8% retracement) to 112.80 (38.2% expansion), which largely lines up with the May-high (114.37).
However, the recent developments in the Simple Moving Averages (SMA) highlight the risk for a near-term consolidation as the indicators flatten out, and failure to clear the monthly opening range may generate range-bound conditions over the coming days as the economic docket remains fairly light for the latter half of the month.
