JPY Action Bias: Bullish Pairs to Watch Out For 
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Chart - Courtesy Trading View
Technical Analysis:
- USD/JPY was trading 0.16% higher on the day at 135.25 at around 06:55 GMT
- The pair is extending sideways for the 2nd straight session, holds above 5-DMA
- Price action is consolidating bounce off 21-EMA support, major moving averages are trending higher
- Momentum is bullish and volatility is high, MACD supports upside in the pair
- GMMA indicator shows major and minor trend are bullish
Major Support Levels:
S1: 134.23 (5-DMA)
S2: 132.42 (21-EMA)
Major Resistance Levels:
R1: 136
R2: 136.15 (trendline)
Summary: USD/JPY extends sideways. A decisive move will be seen after the release of the Federal Reserve (Fed) chair Jerome Powell’s testimony. Traders will await any clues regarding the likely monetary policy action in July.
