Chart - Courtesy Trading View
USD/JPY was trading 0.45% higher on the day at 137.62 at around 09:40 GMT.
The pair is extending bounce off 200-DMA support, gains for the third consecutive session.
Momentum is turning bullish. Stochs and RSI show bullish rollover from oversold levels.
MACD is on verge of bullish crossover on signal line, Chikou span is biased higher.
Upbeat US jobs report (NFP) last week along with better-than-expected US ISM Services PMI released on Monday suggested that the economy remained resilient.
Strong data which fuels speculations that the Fed may lift interest rates more than recently projected and continues to lend support to the greenback.
USD/JPY has paused downside at 200-DMA support, price has edged above 5-DMA, hovers above 200H MA.
Major Support Levels:
S1: 136.17 (5-DMA)
S2: 134.82 (200-DMA)
Major Resistance Levels:
R1: 138.80 (20-DMA)
R2: 139.68 (110-EMA)
Summary: USD/JPY has paused downside at 200-DMA support, weakness only on break below. On the flip side, retrace above 110-EMA will propel the pair higher.
