FxWirePro: USD/JPY rangebound ahead of G20 summit, 'Gravestone Doji' at 21-EMA resistance hampers upside

USD/JPY chart - Trading View 

USD/JPY comatose ahead of G20 summit, with the main focus on President Trump’s meeting with his Chinese counterpart Xi.

Meetings between Trump and Erdogan will also be watched and could influence Monday’s opening.

Major trend in the pair has been bearish. Recovery was rejected shy of 21-EMA resistance (currently at 108.17).

RSI is below 50 and price action is below major moving averages and daily cloud.

'Gravestone Doji' at 21-EMA resistance hampers upside. Decisive breakout at 21-EMA required for further gains.

5-DMA is immediate support at 107.543. Break below will see resumption of weakness.

On the data front today, focus on U.S. Core PCE, personal income and spending, and consumer confidence.

Support levels - 107.53 (5-DMA), 107, 106.78 (June 25 low)

Resistance levels - 108, 108.17 (21-EMA), 108.52 (50% Fib)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.