FxWirePro: CAD/JPY’s Interim Bulls Seem Deceptive, Major Downtrend Still Imminent On Head & Shoulder Pattern – Trade & Hedging Setup
FxWirePro: USD/JPY struggles for clear direction, extends rangebound trade below 50-DMA
USD/JPY chart - Trading View
USD/JPY was trading largely rangebound on the day at 107.52 at around 06:30 GMT.
The pair has been extending sideways grind and remains capped below 50-DMA resistance.
Major and minor trend are neutral as evidenced by the GMMA indicator, the pair remains capped between 21 and 55 EMAs.
RSI remains flat at 50 mark and Stochs are on verge of reversal from near overbought levels.
Amid lack of major data/events, US-China tussle will be in focus for immediate direction.
Break below 21-EMA will see near-term weakness. While, decisive breakout at 200-DMA required for significant upside.
Support levels - 107.37 (21-EMA), 107.13 (20-DMA), 106.70 (Daily cloud)
Resistance levels - 107.88 (50-DMA), 108.04 (110-EMA), 108.29 (200-DMA)