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FxWirePro: USD/JPY extends gains amid improving market risk, eyes trendline resistance at 116.35

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.
 

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