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Refer USD/JPY chart on Trading View
- USD/JPY opened early Asian trade with a bullish gap, but failed to extend momentum higher.
- The major is trading largely unchanged on the day at 110.56 at the time of writing.
- Price action in within daily cloud with cloud base offering immediate support at 110.45.
- Upside remains minor resistance at 5-DMA at 110.76 and major resistance at 21-EMA at 111.03.
- Bullish divergence on Stochs keeps scope for minor upside. Only breakout at 21-EMA could see further gains.
- On the downside, break below 110-EMA support at 110.27 could see test of 200-DMA at 109.86.
- Violation at 200-DMA could see major downside. Scope then for test of 61.8% Fib at 107.89.
- Focus mainly on FOMC minutes (due Wednesday) which could provide additional information on participants’ concerns regarding US trade policy and the possible downside risks.
- On the data front focus shall be on: Existing home sales (Wednesday), Initial jobless claims (Thursday), New home sales (Thursday) and Durable goods orders (Friday).
Support levels - 110.45 (cloud base), 110.27 (110-EMA), 109.86 (200-DMA), 108.90 (50% Fib)
Resistance levels - 110.76 (5-DMA), 111.03 (21-EMA), 111.15 (23.6% Fib)
Recommendation: Watch out for break below 110-EMA, target 200-DMA
FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at -121.486 (Bearish), while Hourly JPY Spot Index was at 52.0667 (Neutral) at 0425 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
