Chart - Courtesy Trading View
Technical Analysis:
GMMA Indicator
- Daily chart: Major trend is neutral, minor trend has turned bearish
- Hourly chart: Major and minor trend are bearish
Ichimoku Analysis
- Daily cloud is offering strong support
Oscillators
- Stochs and RSI are biased lower, RSI is well below 50 mark
- Momentum is strongly bearish
Bollinger Bands
- Bollinger bands are spread wide apart, gap is increasing
- Volatility is high and rising
Major Support Levels: 113.06 (55-EMA), 112.51 (Lower BB)
Major Resistance Levels: 113.68 (5-DMA), 113.91 (21-EMA)
Summary: USD/JPY pivotal at 55-EMA and daily cloud support. Momentum is bearish, scope for further weakness. Watch out for break below 55-EMA for downside continuation.
