USD/JPY chart - Trading View
USD/JPY was trading marginally higher on the day at 110.07 at around 04:20 GMT, outlook remains bullish.
The pair was consolidating previous session's gains and is set to extend upside for the 3rd straight session.
Price action has bounced off 21-EMA and major trendline support, weakness only on retrace below.
Technical indicators have turned bullish. Momentum studies are bullish. Stochs and RSI are biased higher.
Investors looking forward to the US Federal Reserve’s monetary policy decision later this week for further impetus.
Major Support Levels:
S1: 109.74 (5-DMA)
S2: 109.49 (21-EMA)
S3: 108.98 (55-EMA)
Major Resistance Levels:
R1: 110.39 (Upper BB)
R2: 110.96 (Mar 31st high)
R3: 111 (Psychological mark)
Summary: USD/JPY was trading rangebound on the day as markets remains cautious ahead of FOMC monetary policy meeting.
FOMC meets this week, June 15 and 16, to decide on its monetary policy. Robust economic data raises scope for FOMC to resort to monetary policy normalization sooner than expected.
Technical bias remains bullish. Scope for upside resumption. A hawkish tone from policymakers will buoys USD bulls.
