Chart - Courtesy Trading View
Technical Analysis: Bias Bullish
GMMA Indicator
- Major and minor trend are strongly bullish
Ichimoku Analysis
- Price action has bounced off daily cloud support
- Chikou span is biased higher
Oscillators
- Stochs and RSI are sharply higher, momentum is bullish
- Stochs are at overbought levels, but no signs of reversal seen
Bollinger Bands
- Bollinger bands are spread wide apart and gap is increasing
- Volatility is high and rising, could carry the bullish momentum
Major Support Levels: 114.50 (5-DMA), 114.01 (21-EMA), 113.89 (Nearly converged cloud and 50-DMA)
Major Resistance Levels: 115, 115.52 (Nov high), 116
Summary: USD/JPY is set to close higher on the day, bias is strongly bullish. Scope for test of 115 levels.
