FxWirePro: USD/JPY Daily Outlook
USD/JPY chart - Trading View
USD/JPY rangebound below 107 handle, technical studies point to weakness in the pair.
Stochs and RSI are sharply lower. Bearish 5-DMA crossover on 20-DMA adds to the bearish bias.
Analysis of GMMA indicator shows major and minor trend are bearish. Price action is below cloud.
The pair is consolidating previous session's weakness. Scope for dip till major trendline support at 106.
21-EMA is strong resistance at 107.30. Bearish invalidation only above 200-DMA.
Major Support: 106 (Double Bottom)
Major Resistance: 107.30 (21-EMA)
Guidance: Good to stay short on upticks, place stops at 107.40, target 106.