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FxWirePro: USD/JPY Daily Outlook

Chart - Courtesy Trading View 

USD/JPY was trading 0.21% lower on the day at 134.65 at around 05:55 GMT.

The major is extending downside for the third consecutive session, outlook is bearish.

Price action has slipped below 5-DMA and is on track to test 21-EMA support at 133.21.

Bearish RSI divergence on the daily charts adds to the downside bias. Chikou span is biased lower.

RSI is now biased lower and Stochs are on verge of bearish rollover from overbought levels.

Price action has slipped below 200H MA and GMMA indicator shows major and minor trend are bearish on the intraday charts.

Focus now on the US New Home Sales for May scheduled for released at 1400 GMT for further impetus.

Major Support Levels: 

S1: 133.21 (21-EMA)

S2: 129.71 (55-EMA)

Major Resistance Levels: 

R1: 134.87 (200H MA)

R2: 135.50 (5-DMA)

Summary: USD/JPY trades with a slightly bearish bias. Scope for dip till 21-EMA at 133.21.

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