Chart - Courtesy Trading View
Technical Analysis:
GMMA Indicator
- Daily chart: Major trend is neutral, minor trend has turned bearish
- Hourly chart: Major trend is neutral, minor trend has turned bullish
Ichimoku Analysis
- Price closed inside the daily cloud on the daily charts
- Recovery attempts are struggling at 5-DMA and cloud top
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 Level: 113.05 (55-EMA)
Major Resistance Level: 113.81 (21-EMA)
Summary: USD/JPY trades with a bearish bias. Price action is extending choppy trade around 55-EMA. Bearish invalidation only above 21-EMA.
