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FxWirePro: USD/JPY Daily Outlook

Chart - Courtesy Trading View 

Technical Analysis: Bias Bullish

GMMA Indicator

- Major and minor trend are strongly bullish

Ichimoku Analysis

- Price action has bounced off daily cloud support

- Chikou span is biased higher

Oscillators

- Stochs and RSI are sharply higher, momentum is bullish

- Stochs are at overbought levels, but no signs of reversal seen

Bollinger Bands

- Bollinger bands are spread wide apart and gap is increasing

- Volatility is high and rising, could carry the bullish momentum

Major Support Levels: 114.50 (5-DMA), 114.01 (21-EMA), 113.89 (Nearly converged cloud and 50-DMA)

Major Resistance Levels: 115, 115.52 (Nov high), 116

Summary: USD/JPY is set to close higher on the day, bias is strongly bullish. Scope for test of 115 levels.
 

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