FxWirePro: USD/JPY sidelined below 55-EMA resistance, US Presidential election debate keeps the greenback under pressure

USD/JPY chart - Trading View 

USD/JPY is extending sideways for the 5th straight session, intraday bias remains neutral.

The pair struggles at 20-DMA. Decisive break above will support further gains. 

Technical analysis for the pair shows major trend is bearish. Price action is below cloud and major moving averages. 

US Presidential election debate will be a major risk event. US dollar to remain broadly under pressure.

Data Watch for the day: U.S. ADP Employment change, Q2 GDP, Pending Home Sales (Aug), Chicago PMI.

20-DMA is stiff resistance at 105.55. Decisive break above 55-EMA could change near-term bias. Resumption of weakness looks more likely. Scope for test of trendline support at 104.15. 

Major Support Levels: 

S1: 105.52 (5-DMA)

S2: 105.13 (200H MA)

S3: 104.90 (Kijun Sen)

Major Resistance Levels: 

R1: 105.55 (20-DMA)

R2: 105.95 (55-EMA)

R3: 106.52 (110-EMA)

Summary: Technical analysis does not provide a conclusive direction for now. Resumption of weakness looks more likely. Scope for test of trendline support at 104.15. Bearish invalidation only above 55-EMA.