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Chart - Courtesy Trading View
USD/JPY was trading in tight range, with session high at 130.24 and low at 129.88.
The pair is consolidating previous session's gains, caution prevails ahead of US Non-Farm-Payrolls data.
Growing fears of global recession joined the hawkish central bank chatters to weigh on market sentiment.
Further, reports suggesting US readiness to implement a ban on Xinjiang goods also roil the mood in major markets.
Technical bias for the pair is bullish. Momentum is with the bulls, volatility is high. MACD is on verge of bullish crossover on signal line.
Focus later in the day will be on US ADP Employment Change for May, expected at 300K versus 247K prior.
Major Support Levels:
S1: 128.66 (20-DMA)
S2: 128.35 (21-EMA)
Major Resistance Levels:
R1: 131.11 (Upper BB)
R2: 131.34 (May 9th high)
Summary: USD/JPY trades with a bullish technical bias. Pullback has bounced off 50-DMA support. Scope for retest of 131.34 ahead of fresh yearly highs.
