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Chart - Courtesy Trading View
- USD/JPY was trading 0.07% higher on the day at 114.31 at around 05:15 GMT, extending previous session's marginal gains.
- Data released overnight showed US Initial Jobless Claims printed at 268K citizens, more than the 260K foreseen by analysts.
- Fespeak, inflation talks and Evergrande updates will be the key to watch for fresh direction.
- In its latest assessment of the Chinese property sector, Moody’s noted that property developers’ liquidity stress will continue given tight credit conditions and lower sales.
- Further, news from Tokyo about the COVID-19 stimulus package aimed to cushion Japan’s pandemic-hit economy buoys sentiment.
Major Support Levels:
S1: 113.94 (200H MA)
S2: 113.88 (20-DMA)
S3: 113.79 (21-EMA)
Major Resistance Levels:
R1: 114.31 (5-DMA)
R2: 114.70 (Upper BB)
R3: 114.97 (Monthly high)
Summary:
USD/JPY trades with a bullish technical bias. GMMA indicator shows major and minor trend are bullish. The pair is on track to test 115 levels.
