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FxWirePro: USD/JPY depressed below 128 handle amid retreating yields, Fed chair Jerome Powell's speech in focus

Chart - Courtesy Trading View 

USD/JPY was trading 0.21% lower on the day at 127.61 at around 04:20 GMT.

The pair is consolidating break below 21-EMA, upside remains capped at 5-DMA.

Preliminary readings of the US Manufacturing and Services PMIs for May, as well as a Powell's speech will be today’s key catalysts.

Japanese Finance Minister Shunichi Suzuki said in a statement on Tuesday, “we will take serious action in response to pricing increases.”

BOJ’s Nakamura was on the wires earlier on Monday, said "the BOJ will continue to ease monetary policy to assist the economy.”

Technical indicators for the major are biased lower. Price action is below 200H MA and GMMA shows bearish shift on the intraday charts.  

Major Support Levels: 

S1: 127.21 (Lower BB)

S2: 126.05 (50-DMA)

Major Resistance Levels: 

R1: 127.88 (5-DMA)

R2: 128.33 (21-EMA)

Summary: USD/JPY trades with a bearish bias. Scope for dip till 126. Bearish invalidation above 21-EMA.

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