FxWirePro: USD/JPY range bound at daily cloud support, risk-on weighs

Chart - Courtesy Trading View 

USD/JPY was trading largely unchanged at 115.01 at around 05:10 GMT, with session high at 115.12 and low at 114.87.

Hopes of a peaceful solution to the Russian-Ukraine standoff emerged as Biden and Putin agreed in principle to hold a summit.

That said, the White House again warned Russia was continuing preparations for a full-scale assault on Ukraine very soon.

The prospect of an aggressive tightening by the Fed as inflation remains. Focus now on the Fed's favoured measure of core inflation, due later this week.

 US core inflation is forecast to show an annual rise of 5.1% - the fastest pace since the early 1980s.

Technical bias for the pair is turning bearish on the intraday charts. Price action has slipped below 200H MA and MACD confirms a bearish crossover on signal line.

Major Support Levels: 

S1: 114.83 (Daily cloud)

S2: 114.65 (55-EMA)

S3: 114.44 (Cloud base)

Major Resistance Levels: 

R1: 115.09 (21-EMA)

R2: 115.19 (5-DMA)

R3: 115.47 (200H MA)

Summary: USD/JPY intraday bias has shifted bearish. Break below daily cloud will accentuate weakness.