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  |   Technicals


FxWirePro: USD/JPY Daily Technical Analysis

Chart - Courtesy Trading View 

Daily Technical Bias - Neutral

- USD/JPY extends rangebound trade above daily Ichimoku cloud and 50-DMA supports

- The pair is holding support at 200H MA, break below could see more downside

- Price action is capped between 21 and 55 EMA raising scope for sideways grind

- Stochs confirm bullish rollover from oversold levels, RSI remains flat around 50 mark

- volatility is high as evidenced by widely distributed Bollinger bands

Major Support Levels: 

S1: 113.30 (Cloud top)

S2: 113.11 (55-EMA)

S3: 113

Major Resistance Levels: 

R1: 113.66 (21-EMA)

R2: 113.93 (20-DMA)

R3: 114

Summary: USD/JPY trades with a neutral bias. Daily cloud is offering strong support, break below will see more weakness.

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