USD/JPY chart - Trading View
Technical Analysis: Bias Bullish
- USD/JPY closes above 'Symmetric Triangle' top and daily cloud
- Momentum is bullish, Stochs and RSI are biased higher
- Volatility is high and rising as evidenced by widening Bollinger bands
- GMMA indicator shows minor trend is turning bullish on the daily charts
Support levels - 110.19 (Cloud top), 109.95 (Trendline), 109.85 (50-DMA)
Resistance levels - 110.80 (Aug 11 high), 110.90 (Upper W BB), 111.65 (July high)
Summary: After grinding sideways above 21-week EMA, USD/JPY is set to have resumed upside momentum. Breakout at Symmetric Triangle and Daily Cloud reinforces upside bias in the pair. Scope for test of 111.65 (July highs). Bullish invalidation only below cloud.
