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Chart - Courtesy Trading View
Spot Analysis:
USD/JPY was trading 0.06% higher on the day at 114.18 at around 06:30 GMT.
Session's High/ Low: 114.31/ 114.08
Previous Week's High/ Low: 114.30/ 112.72
Previous Session's High/ Low: 114.21/ 113.75
Technical Analysis:
GMMA Indicator
- Long and near term moving averages are sharply higher, suggest bullish bias
Ichimoku Analysis
- Price action is well above daily cloud
- Chikou span is biased higher
Oscillators
- Stochs and RSI show bullish momentum
Bollinger Bands
- Bollinger bands are flat on daily charts, volatility is high on the weeklies
Major Support Levels: 114.02 (5-DMA), 113.59 (21-EMA)
Major Resistance Levels: 114.50 (Upper BB), 114.69 (Oct 20 high)
Summary: USD/JPY trades with a bullish bias, poised for further upside. Next bull target lies at 114.70. Bullish invalidation only below 21-EMA.
