FxWirePro: USD/JPY edges lower from session highs at 101.67, bias higher
USD/JPY extends gradual grind higher but struggles to extend gains beyond 20-DMA. The pair edges lower from session highs at 101.67, intraday bias higher. Technical indicators on daily charts support upside. Stochs and R…
USD/JPY extends gradual grind higher but struggles to extend gains beyond 20-DMA.
The pair edges lower from session highs at 101.67, intraday bias higher.
Technical indicators on daily charts support upside. Stochs and RSI are biased higher.
Bulls need to clear 20-DMA resistance at 101.53 to take gains higher. Pair then finds next major resistance at 101.93 (cloud base and major trendline).
Japan Nikkei Manufacturing PMI up to 50.4 in September from previous 50.3.
Focus now on Deutsche Bank news and US ISM manufacturing release due later in the day.
A report on Friday said US Department of Justice (DOJ) trimmed penalty from $14 to $5.4 billion. Neither party has officially confirmed the news.
Major support levels - 101.17 (session lows), 100.95 (5-DMA), 100.75 (Sept 30 low)
Major resistance levels - 101.54 (20-DMA), 101.93 (cloud base and major trendline), 102
Recommendation: We prefer to wait for a decisive breakout above 20-DMA at 101.53 to go long.