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Chart - Courtesy Trading View
USD/JPY was trading 0.43% higher on the day at 127.77 at around 04:20 GMT.
The pair rebounded from session lows at 126.94 and is gradually advancing despite a steady move in the US dollar index.
Broad weakness in the yen seen as investors are discounting the likely neutral stance to be announced by the Bank of Japan (BOJ) on Thursday.
The central bank is is expected to continue with its ultra-loose monetary policy to support economic growth.
The BOJ could announce additional stimulus to support the aggregate demand and help return to the pre-Covid-19 levels.
Data/ Event Watch:
US Gross Domestic Product (GDP) numbers due on Thursday.
Bank of Japan Monetary Policy Decision due Thursday.
Major Support Levels:
S1: 127
S2: 125.64 (21-EMA)
Major Resistance Levels:
R1: 127.96 (5-DMA)
R2: 130.00 (Upper BB)
Summary: USD/JPY hovers around 200H MA. Bulls preventing the pair to slip further below 200H MA. Overbought conditions may causes some pullbacks. But major trend remains bullish and pullbacks are likely to be shallow.
