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FxWirePro: USD/JPY Daily Outlook

Chart - Courtesy Trading View 

Technical Analysis:

GMMA Indicator

- Daily chart: Major trend is neutral, minor trend has turned bearish

- Hourly chart: Major and minor trend are bearish

Ichimoku Analysis

- Daily cloud is offering strong support

Oscillators

- Stochs and RSI are biased lower, RSI is well below 50 mark

- Momentum is strongly bearish

Bollinger Bands

- Bollinger bands are spread wide apart, gap is increasing

- Volatility is high and rising

Major Support Levels: 113.06 (55-EMA), 112.51 (Lower BB)

Major Resistance Levels: 113.68 (5-DMA), 113.91 (21-EMA)

Summary: USD/JPY pivotal at 55-EMA and daily cloud support. Momentum is bearish, scope for further weakness. Watch out for break below 55-EMA for downside continuation. 
 

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