Chart - Courtesy Trading View
Technical Analysis:
- USD/JPY was trading 0.19% higher on the day at 136.14 at around 05:55 GMT
- The pair is extending gains for the 4th straight session, outlook bullish
- MACD is showing a bullish crossover on signal line, Chikou span is biased higher
- Price action has broken above 50-DMA and is on track to break out of daily cloud
- Pullback on account of Bearish RSI divergence has held support at cloud base
- Momentum is bullish, Stochs and RSI are sharply higher
Major Support Levels:
S1: 135.43 (50-DMA)
S2: 134.76 (21-EMA)
Major Resistance Levels:
R1: 137
R2: 137.31 (Upper BB)
Summary: USD/JPY trades with a bullish bias. The pair is on track to break out of daily cloud. Scope for more upside on decisive break above cloud.
