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Chart - Courtesy Trading View
Technical Analysis: Bias Bearish
- USD/JPY was trading 0.11% lower on the day at 123.68 at around 09:45 GMT
- The pair is extending previous session's retrace from multi-year highs
- Price action has formed a Spinning Top pattern on the daily candle at the time of writing
- GMMA indicator shows major and minor trend are strongly bullish
- Oscillators are at overbought levels, may cause some pullbacks
Support levels - 123, 122.58 (5-DMA), 120.91 (200H MA)
Resistance levels - 124, 125, 125.10 (Previous session high)
Summary: Spinning Top formation dents upside in the pair. USD/JPY could see some pullback. Overbought conditions also point to some correction. 5-DMA is immediate support at 122.58. Break below will see further weakness.
