Chart - Courtesy Trading View
Technical Analysis:
GMMA Indicator
- GMMA indicator shows major and minor trend are bullish
- Scope for bullish continuation
Ichimoku Analysis
- Price action is extending bounce off daily cloud support
- Chikou span is biased higher, scope for further upside
Oscillators
- Stochs and RSI are biased higher, RSI is well above the 50 mark
- Momentum is with the bulls
Bollinger Bands
- Bollinger bands are spread wide apart
- Shows volatility is high and could carry the bullish momentum
Major Support Levels: 114.89 (5-DMA), 114.66 (21-EMA), 114.38 (200H MA)
Major Resistance Levels: 116, 116.13 (Upper W BB), 116.66 (88.6% Fib)
Summary: USD/JPY was trading with a bullish bias. Scope for upside resumption. Bullish invalidation only below daily cloud.
