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  |   Technicals


FxWirePro: USD/JPY Daily Outlook

Chart - Courtesy Trading View 

Technical Analysis:

- USD/JPY was trading 0.64% higher on the day at 133.81 at around 12:10 GMT

- The major has bounced off cloud base support with a 'Dragonfly Doji' at lows

- Price action is attempting to retrace dip below 200H MA

- GMMA indicator shows minor trend has turned bullish on the intraday charts

- Series of resistance seen till 20-DMA at 135.07, weakness only below daily cloud

Support levels:

S1: 132

S2: 131.68 (Cloud base)

Resistance levels:

R1: 133.87 (5-DMA)

R2: 134.58 (21-EMA)

Summary: USD/JPY forms 'Dragonfly Doji' at cloud base support raising scope for upside. 5-DMA is immediate resistance at 133.87, break above will see test of 135 levels. 

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