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FxWirePro: USD/JPY Daily Outlook

USD/JPY chart - Trading View 

Technical Analysis: Bias Slightly Bullish

GMMA Indicator

- Major and minor trend are neutral

- GMMA provides no clear directional bias

Ichimoku Analysis

- Price action is within daily cloud

- Bullish Tenkan Sen crossover on Kijun Sen supports upside bias

- Breakout above or below cloud will provide clear direction

Oscillators

- Oscillators are bullishly aligned

- RSI is above 50 and bias higher

- Stochastics show bullish momentum. Are near overbought levels, but no signs of reversal

Bollinger Bands

- Bollinger bands are widening on the daily charts

- Rising volatility with bullish momentum could carry the pair higher

Major Support Levels: 107.67 (55-EMA), 107.42 (21-EMA), 106.70 (Cloud base)

Major Resistance Levels: 107.82 (50-DMA), 108.04 (110-EMA), 108.30 (200-DMA)

Summary: The pair is extending sideways grind for the past two weeks. Price action has edged above 55-EMA and minor signs of upside seen. Break above 110-EMA will see test of 200-DMA. Decisive break above 200-DMA required for upside continuation.
 

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