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FxWirePro: USD/JPY extends 4-day winning streak, outlook turns bullish on 21-EMA breakout

USD/JPY chart - Trading View 

USD/JPY is extending 4-day winning streak and was trading 0.23% higher on the day at 106.71 at around 02:50 GMT.

Broad-based US dollar recovery amid risk-off market mood and higher yields lends support to the pair.

Price action has broken above 21-EMA raising scope for further upside. Stochs and RSI are sharply higher and RSI shows strength above 50.

Major trend is bearish, but intraday charts show some upside. The pair trades above 200H MA. 

The major was trading 0.26% higher on the day at 106.74 at around 05:20 GMT, scope for further upside. 

55-EMA is immediate resistance at 106.73, break above finds next resistance at 107.25 ahead of daily cloud at 107.91. 

Major Support Levels: 

S1: 106.20 (21-EMA)

S2: 105.94 (Kijun Sen)

S3: 105.49 (Tenkan Sen)

Major Resistance Levels: 

R1: 106.73 (55-EMA)

R2: 107.25 (110-EMA)

R3: 108.13 (200-DMA)

Summary: USD/JPY trades with a bullish bias. Oscillators are sharply higher. Breakout above 21-EMA raises scope for upside in the pair. Test of 110-EMA on cards. 

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