USD/JPY chart - Trading View
USD/JPY trades directionless around 20-DMA, outlook remains bearish.
Key focus this week will be the Fed Chair Jerome Powell's speech during the Jackson Hole symposium (scheduled to open on Thursday).
Powell is expected to discuss monetary policy and traders will watch for cues on inflation and policy guidance which will influence near-term USD price dynamics.
Recovery has failed at 21-EMA and the pair has formed a 'Spinning Top' on Friday's trade.
Price action is within 'Slopping Channel' pattern and technical indicators support weakness.
Momentum studies are bearish. RSI well below 50 and biased lower. Scope for dip till 104.18 (July 31st low). Decisive break above 21-EMA will change near-term bias.
Major Support - 104.72 (Lower BB)
Major Resistance - 106.09 (21-EMA)
