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FxWirePro: USD/JPY Daily Outlook

Chart - Courtesy Trading View 

Technical Analysis:

GMMA Indicator

- Near and long term moving averages biased strongly bearish on the hourly charts

- Near-term moving averages have turned bearish on the daily charts

Ichimoku Analysis

- Price action is above daily cloud

- The pair has bounced cloud top support

Oscillators

- RSI is below 50, biased lower

- Stochs are on verge of bearish rollover from overbought levels

Bollinger Bands

- Wide spread suggesting high and rising volatility

Major Support Levels: 113.05 (55-EMA), 112.88 (Cloud top), 112.69 (Lower BB)

Major Resistance Levels: 114.07 (21-EMA), 114.50 (5-DMA), 115

Summary: USD/JPY is holding support at 55-EMA, break below will drag the pair lower. Technical bias is bearish on the intraday charts.
 

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