FxWirePro: USD/JPY rangebound above 103 support, technical studies show no respite from bears

USD/JPY chart - Trading View 

USD/JPY was trading largely unchanged at 103.36 at around 04:10 GMT after closing 0.10% lower in the previous session.

The pair has held above 103 support and further weakness only on break below. That said, technical analysis for now does not indicate any respite from the bear grip.

Major and minor trend as evidenced by the GMMA indicator are strongly bearish. Volatility is high and RSI well below the 50 mark.

On the data front, US October non-farm payrolls beat expectations, came in at 638k, better than expectations for 580k, and after the upwardly-revised 672k in the prior month. 

The participation rate printed at 61.7%, also better than expectations, for 61.5%, and compared to a prior reading at 61.4%.

Also, U.S. wholesale inventories were higher than initially estimated in September. The Commerce Department said wholesale inventories gained 0.4% in September, instead of dipping 0.1% as estimated last month. Stocks at wholesalers increased 0.5% in August. 

US election results continue to sway markets with rising volatility. Inconclusiveness continues with regards to legal challenges.

Technical bias remains bearish. However, oversold oscillators may cause some upside. Pullbacks likely to be shallow until accompanied by shift in indicators.

5-DMA is immediate resistance at 103.81 ahead of 21-EMA at 104.52. Decisive break above 55-EMA required for change in near-term trend.

On the downside, break below 103 handle will see dip till 102.40 (trendline). Next major support below lies at 101.30 (channel base).