Chart - Courtesy Trading View
Technical Analysis:
- USD/JPY was trading 0.64% higher on the day at 133.81 at around 12:10 GMT
- The major has bounced off cloud base support with a 'Dragonfly Doji' at lows
- Price action is attempting to retrace dip below 200H MA
- GMMA indicator shows minor trend has turned bullish on the intraday charts
- Series of resistance seen till 20-DMA at 135.07, weakness only below daily cloud
Support levels:
S1: 132
S2: 131.68 (Cloud base)
Resistance levels:
R1: 133.87 (5-DMA)
R2: 134.58 (21-EMA)
Summary: USD/JPY forms 'Dragonfly Doji' at cloud base support raising scope for upside. 5-DMA is immediate resistance at 133.87, break above will see test of 135 levels.
