USD/JPY chart - Trading View
USD/JPY has made a sharp recovery from session lows at 106.73, breaks above 200H SMA.
The pair slipped lower in early Asian session after White House adviser Peter Navarro told Fox News that President Trump has decided to terminate the China trade deal in light of growing evidence that the coronavirus originated in Wuhan laboratory.
A quick recovery was seen and risk appetite recovered as President Trump confirmed that the China trade deal is intact.
The major was trading 0.23% higher on the day at 107.13 at around 03:40 GMT, scope for minor gains.
Technical indicators do not support major upside for now. Stiff resistance seen till 108.40 levels.
Price action has edged above daily cloud and breakout at 21-EMA will change near term bias and ensure upside continuation.
Major change in trend only above 200-DMA. Break below cloud will see further drag lower.
Major Support - 106.11 (Lower BB)
Major Resistance - 108.39 (200-DMA)
