FxWirePro: USD/JPY bounces off 50-DMA support, breaks above 20-DMA

Chart - Courtesy Trading View 

USD/JPY was trading 0.64% higher on the day at 129.43 at around 11:00 GMT, outlook bullish. 

Rising chances of an extreme hawkish stance by the Federal Reserve in its June monetary policy has strengthened the US dollar.

The major is extending gains for the 4th consecutive session, price action has broken above 20-DMA.

Momentum is bullish, RSI is above 50 mark. Stochs are on verge of bullish rollover from oversold levels. 

GMMA indicator shows major and minor trend are strongly bullish. MACD is on verge of bullish crossover on signal line. ADX supports upside. 

Focus will remain on the US Nonfarm Payrolls (NFP) data, which is due on Friday. Analysts expect an addition of 320k jobs in April against 428k jobs recorded for March.

Support levels - 128.65 (20-DMA), 128.13 (21-EMA), 127.57 (200H MA)

Resistance levels -130, 131.06 (Upper BB), 131.34 (9th May high)

Summary: USD/JPY trades with a bullish bias. Scope for break above 130 handle.