FxWirePro: USD/JPY Daily Outlook

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FxWirePro: USD/JPY Daily Outlook

Friday, August 19, 2022 6:18 AM UTC

Chart - Courtesy Trading View

Technical Analysis:

- USD/JPY was trading 0.19% higher on the day at 136.14 at around 05:55 GMT

- The pair is extending gains for the 4th straight session, outlook bullish

- MACD is showing a bullish crossover on signal line, Chikou span is biased higher

- Price action has broken above 50-DMA and is on track to break out of daily cloud

- Pullback on account of Bearish RSI divergence has held support at cloud base

- Momentum is bullish, Stochs and RSI are sharply higher

Major Support Levels:

S1: 135.43 (50-DMA)

S2: 134.76 (21-EMA)

Major Resistance Levels:

R1: 137

R2: 137.31 (Upper BB)

Summary: USD/JPY trades with a bullish bias. The pair is on track to break out of daily cloud. Scope for more upside on decisive break above cloud.

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