FxWirePro: USD/JPY comatose below 200-DMA ahead of US Durable Goods Orders, technical bias bullish

Chart - Courtesy Trading View 

USD/JPY was trading range bound at 136.26 at around 06:25 GMT, with session high at 136.55 and low at 135.99.

The pair is consolidating previous session gains, where the major broke consolidation and close above 110-EMA resistance, up 1.32%.

Yen dented after BoJ Governor Nominee Ueda reiterates favor for easy policy, says the current monetary policy is appropriate to achieve the 2% inflation target confidently.

On the other side, the US Dollar follows firmer yields, picks up bids amid hawkish concerns surrounding the US Federal Reserve (Fed) and geopolitical fears.

Fed fund futures have risen above 5.30%, versus 5.10% expected by the US central bank in December.

Caution prevails as investors await the release of the United States Durable Goods Orders data for fresh cues. Durable Goods Orders for January are expected at -4.0% versus 5.6% prior.

Technical Analysis:

- USD/JPY trades with a bullish momentum, volatility is high and rising

- GMMA indicator shows minor trend is bullish, while major trend is turning bullish

- The pair has shown a decisive break above 110-EMA which was capping upside from many session

- Price action has approached major resistance at daily cloud top and 200-DMA, break out will propel the pair higher

Major Support and Resistance Levels:

Major Support Levels: 134.90 (110-EMA), Major Resistance Levels: 137.11 (200-DMA)

Summary: USD/JPY trades with a bullish bias. Watch for decisive break out at 200-DMA and cloud top for further gains.