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Chart - Courtesy Trading View
Spot Analysis:
USD/JPY was trading 0.08% higher on the day at 115.60 at around 05:45 GMT
Previous Week's High/ Low: 115.59/ 114.14
Previous Session's High/ Low: 115.68/ 115.32
Fundamental Overview:
Focus on the US CPI data scheduled later on Thursday for further impetus. A firmer-than-expected reading might trigger a further build-up of hawkish Fed bets.
Technical indicators are turning bullish. Oscillators are bullishly aligned. 5-DMA is on verge of bullish crossover on 20-DMA.
Sino-American tussles escalate, keeping markets risk-off, adding some support to the dollar. Fears of Russia’s invasion of Ukraine also test optimism.
US 10-year T-bond coupons remain muted after easing from 2.5-year high the previous day.
Technical Analysis:
- USD/JPY is extending break above Triangle top
- The pair is extending gains after brief pause in the previous session
- Momentum is strongly bullish, Stochs are at overbought levels, but no signs of reversal seen
- Volatility is high and GMMA indicator shows major and minor trend are bullish on daily and weekly charts
Major Support and Resistance Levels:
Support - 114.93 (21-EMA), Resistance - 116.35 (Yearly high)
Summary: USD/JPY trades with a bullish technical bias. Scope for upside as long as pair holds above daily cloud.
