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FxWirePro: USD/JPY extends gains above 5-DMA, outlook bullish

Chart - Courtesy Trading View 

USD/JPY was trading 0.39% higher on the day at 136.14 at around 06:30 GMT.

The pair has bounced off 20-DMA support and is extending gains for the second straight session.

Price action has broken above 5-DMA and the pair trades above 200H MA. Chikou span is biased higher.

FOMC Minutes on Wednesday and the release of June’s Nonfarm Payrolls on Friday will be crucial for further direction.

With no major data scheduled for release during the day, market sentiment will drive price action.

Encouraging US-China trade news boosts risk sentiment and weighs negatively on the safe-haven US dollar.

Major Support Levels: 

S1: 135.85 (5-DMA)

S2: 134.50 (21-EMA)

Major Resistance Levels: 

R1: 137 (Previous week high)

R2: 137.19 (Upper BB)

Summary: USD/JPY extends bounce off 20-DMA support. Scope for gains above 137 handle. 

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