FxWirePro: USD/JPY slips below 109 handle as Japan looks set to extend and expand the state of emergency
FxWirePro: USD/JPY trades rangebound, finds strong support at 55-EMA
USD/JPY chart - Trading View
USD/JPY was trading unchanged on the day at 108.08 at around 04:40 GMT.
The major is holding strong support at 55-EMA at 107.95, break below will see further downside.
Dollar remains slightly bid as risk-off mood continues in the Asian session with the Nikkei down some 1.4%.
Rising concerns regarding a surge in COVID-19 cases globally would lead to renewed restrictions which could dampen sentiment.
Price action is below 200H MA and GMMA indicator shows bearish shift in the near-term moving averages.
Downside in the pair looks limited as the pair finds series of strong supports. Break below 55-EMA finds next major support at daily cloud.
The major retains its near-term bearish stance. Breach below daily cloud top will accelerate downside.