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FxWirePro: USD/JPY extends choppy trade along trendline support, outlook bearish
USD/JPY chart - Trading View
USD/JPY was trading 0.15% lower on the day at 104.67 at around 10:20 GMT, outlook is bearish.
The pair is extending choppy trade along major trendline support and break below will see downside resumption.
US political uncertainty kept the USD bulls on the defensive, the pair could extend the drop to the 104.00 level in the coming weeks.
Lack of progress in the US stimulus talks dampened the market mood and further benefitted the Japanese yen's safe-haven status.
Technical studies also support weakness in the pair. GMMA indicator show major and minor trend are bearish.
Price action is below cloud. ADX and MACD support downside. Break below trendline support will see drag lower. Dip till 104 likely.
Support levels - 104.45 (trendline), 104 (Double bottom)
Resistance levels - 105.20 (21-EMA), 105.60 (55-EMA)