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FxWirePro: USD/JPY rangebound above 110-EMA support, intraday bias neutral
USD/JPY chart - Trading View
USD/JPY was trading marginally higher on the day at 108.94 at around 06:45 GMT.
The pair has held support at 21-EMA on Wednesday's trade, weakness only on break below.
FOMC minutes overnight highlighted concerns over the swiftness with which the coronavirus outbreak was harming the U.S. economy and disrupting financial markets.
The Fed reiterated that it would be appropriate to maintain rates at the current near-zero levels.
Fed Powell's speech and US jobs data will be watched for impetus ahead of the long weekend.
GMMA indicator shows major trend in the pair is neutral and minor trend is turning slightly bullish.
Daily cloud is stiff resistance. Break above could buoy prices. On the flipside, failure to hold above 200-DMA will negate any upside bias.
Major Support Levels - 108.54 (21-EMA), 108.33 (200-DMA), 107.69 (38.2% Fib)
Major Resistance Levels - 109.22 (23.6% Fib), 109.53 (Daily cloud), 109.66 (200W MA)