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FxWirePro: USD/JPY extends sideways grind, finds stiff resistance at 21-EMA, bias bearish

USD/JPY chart - Trading View 

USD/JPY is extending sideways grind for the second straight session, bias remains bearish.

The pair hovers around 20-DMA (107.96), finds stiff resistance at 21-EMA at 108.21.

Technical indicators support weakness in the pair. Major trend remains bearish.

5-DMA is sharply lower and Stochastics RSI is showing rollover from over overbought levels.

RSI below 50 and Stochs are sharply lower. Recovery was rejected at 55-EMA.

Scope for weakness till 106.78. Break below will see further downside.

Break above 21-EMA will see minor upside. Bearish invalidation only above daily cloud.

Focus on U.S. June retail sales report due at 12:30 GMT, along with terms of trade and industrial production report due at 13:15 GMT. 

Support levels - 107.61 (61.8% Fib), 107, 106.78 (June 25 low)

Resistance levels - 108.16 (5-DMA), 108.21 (21-EMA), 108.85 (55-EMA)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

By Anupama Grandhi
  • Market Data
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