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Chart - Courtesy Trading View
Technical Analysis:
- USD/JPY was trading 0.56% lower 130.86 at around 10:05 GMT
- The major is extending weakness for the fifth straight session
- Price action has slipped below daily cloud, raising scope for further downside
- MACD and ADX support downside in the pair, Chikou span is biased lower
- Momentum is bearish, volatility is high and rising
- GMMA indicator shows minor trend is bearish, while major trend is turning bearish
Support levels:
S1: 129.58 (110-EMA)
S2: 126.36 (May 2022 low)
Resistance levels:
R1: 131.28 (Cloud base)
R2: 132.82 (Cloud top)
Summary: USD/JPY recovery lacks traction, the pair is poised for further downside.
