FxWirePro: USD/JPY Daily Outlook

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FxWirePro: USD/JPY Daily Outlook

Thursday, August 18, 2022 10:01 AM UTC

Chart - Courtesy Trading View

Technical Analysis:

- USD/JPY was trading 0.16% higher on the day at 09:45 at around 09:45 GMT

- The pair is grinding higher for the 3rd straight session

- Price action has edged above 21-EMA and is testing cloud top and 50-DMA resistance

- MACD shows bullish crossover on signal line, momentum is bullish

- GMMA indicator has turned bullish on the intraday charts

Major Support Levels:

S1: 134.56 (21-EMA)

S2: 133.82 (55-EMA)

Major Resistance Levels:

R1: 135.38 (50-DMA)

R2: 137.19 (Upper BB)

Summary: USD/JPY trades with a bullish bias. The pair finds stiff resistance at 135.49 (nearly converged cloud top and 50-DMA).

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