Chart - Courtesy Trading View
Technical Analysis: Bias turning Bullish
- USD/JPY was trading 0.20% higher on the day at 115.85 at around 10:30 GMT
- The pair is extending bounce off 55-EMA and daily cloud support, rises for the 3rd straight session
- GMMA indicator shows major and minor trend is bullish on the daily and intraday charts
- Price action is above the daily cloud, Chikou span is biased higher
- Momentum is strongly bullish, Stochs and RSI are biased higher
Support levels - 115.38 (5-DMA), 115.24 (21-EMA), 114.87 (55-EMA)
Resistance levels - 116.00 (Upper BB), 116.35 (Wedge top), 116.66 (88.6% Fib)
Summary: USD/JPY trades with a bullish bias. Scope for test of Wedge top at 116.35. Bullish invalidation only below 55-EMA.
