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USD/JPY chart on Trading View used for analysis
- USD/JPY was largely rangebound as market mood has turned cautious once again, trades at 113.83 at the time of writing.
- The major was cautiously higher amid conflicting signs of de-escalating Sino-U.S. trade dispute.
- U.S. President Donald Trump on Tuesday told the Wall Street Journal it was "highly unlikely" he would accept China's request to hold off tariffs increase.
- However, White House economic adviser Larry Kudlow held open the possibility that the two countries would reach a trade deal at the G20 gathering in Argentina.
- Technical studies are bullish, price action above major EMAs and momentum studies are bullish.
- MACD is on verge of bullish crossover on signal line and we see +ve DMI dominance.
- We see scope for test of trendline resistance at 114.15. Weakness likely below 5-DMA.
Support levels - 113.41 (5-DMA), 113.23 (21-EMA), 112.78 (55-EMA)
Resistance levels - 114.15 (Trendline resistane), 114.23 (Upper BB), 114.55 (Oct 4 high)
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
