Chart - Courtesy Trading View
Daily Technical Bias - Neutral
- USD/JPY extends rangebound trade above daily Ichimoku cloud and 50-DMA supports
- The pair is holding support at 200H MA, break below could see more downside
- Price action is capped between 21 and 55 EMA raising scope for sideways grind
- Stochs confirm bullish rollover from oversold levels, RSI remains flat around 50 mark
- volatility is high as evidenced by widely distributed Bollinger bands
Major Support Levels:
S1: 113.30 (Cloud top)
S2: 113.11 (55-EMA)
S3: 113
Major Resistance Levels:
R1: 113.66 (21-EMA)
R2: 113.93 (20-DMA)
R3: 114
Summary: USD/JPY trades with a neutral bias. Daily cloud is offering strong support, break below will see more weakness.
