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USD/JPY chart - Trading View
USD/JPY hits 3-week lows at 108.75, extends weakness for the 4th consecutive session.
The major was trading 0.04% lower on the day at 108.87 at around 05:00 GMT, after closing 0.13% lower in the previous session.
Momentum studies are bearish. Stochs and RSI are sharply lower and RSI has slipped below the 50 mark.
Analysis of GMMA indicator shows major trend is bullish, but minor trend has shifted bearish on the daily charts.
Investors await the US Retail Sales data to gauge the consumer sentiment and fresh trading opportunities.
Support levels - 108.21 (Lower BB), 107.91 (55-EMA), 107.31 (Daily cloud)
Resistance levels - 109.22 (21-EMA), 109.53 (20-DMA), 109.60 (200H MA)
Summary: USD/JPY near-term bias has turned bearish. The pair has slipped below 23.6% Fib and is on track to test 55-EMA support at 107.91. Major trend is still bullish. Retrace above 20-DMA will see upside resumption.
