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USD/JPY chart - Trading View
Spot Analysis:
USD/JPY was trading 0.09% higher on the day at 110.13 at around 09:40 GMT
Previous Week's High/ Low: 110.22/ 109.11
Previous Session's High/ Low: 110.12/ 109.58
Fundamental Overview:
Risk-off flows return amid mounting concerns over the Delta covid variant contagion and ahead of the Fed’s Jackson Hole Symposium.
The recent minutes of July’s FOMC meeting showed a majority of members thought it might be appropriate to begin tapering this year.
Fed officials are likely to remain confident that ‘substantial further progress’ is on the horizon and that a slowing of asset purchases can commence in coming months.
At the Jackson Hole event Fed's chair, Jerome Powell, is expected to announce timings of when this will happen.
Technical Analysis:
- GMMA indicator on daily charts shows major and minor trend are neutral
- Price action has edged above 200H MA and intraday bias is showing a bullish shift
- The pair closed above 21-EMA on Wednesday's trade 5-DMA is also showing a turn
- MACD and ADX however are flat and do not provide a clear directional bias
- Volatility is high, Momentum indicators are turning higher
Major Support and Resistance Levels:
Support - 109.87 (21-EMA), Resistance - 110.45 (Trendline)
Summary: USD/JPY is showing a bullish shift after closing above 21-EMA in the previous session. Jackson Hole Symposium event in focus for direction. Next major hurdle on the upside lies at 110.45 (trendline). On the flipside, 21-week EMA is major support, breach below will negate any upside bias.
