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Chart - Courtesy Trading View
Spot Analysis:
USD/JPY was trading in narrow range with session high at 136.22 and low at 135.55
Previous Week's High/ Low: 137.00/ 134.52
Previous Session's High/ Low: 136.00/ 134.94
Fundamental Overview:
Federal Open Market Committee (FOMC) Minutes released on Wednesday favored the Fed hawks.
From the latest monetary policy meeting minutes, the Fed policymakers appear determined to announce another 75 basis points (bps) of a rate hike.
The Minutes highlighted the need for the “restrictive stance of policy” while also saying, “even more restrictive stance could be appropriate if elevated inflation pressures were to persist”.
Major attention will be given to the Friday’s Nonfarm Payrolls (NFP) for direction. Risk catalysts could influence near-term price moves.
Technical Analysis:
- USD/JPY is grinding sideways for the 4th straight session
- GMMA indicator shows major trend is bullish, while minor trend has gone neutral
- Momentum is in favor of bulls, volatility is low
- Bearish RSI divergence keeps scope for more weakness
- Bounce off 21-EMA will change near-term dynamics
Major Support and Resistance Levels:
Support - 134.72 (21-EMA), Resistance - 137.28 (Upper BB)
Summary: USD/JPY trades with a neutral bias. Weakness only on break below 21-EMA.
