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USD/JPY chart - Trading View
USD/JPY was trading 0.21% lower on the day at 107.50 at around 11:50 GMT, after closing largely unchanged in the previous session.
The pair is extending sideways below 200-DMA, bias remains slightly bearish. Volatility is shrinking.
A potential 'Death Cross' (bearish 50-DMA crossover on 200-DMA) keeps downside pressure.
Major and minor trend for the pair are turning bearish as evidenced by GMMA indicator. RSI is below 50 and momentum is bearish.
The pair is hovering around 5-DMA and is extending consolidation below 200-DMA. Scope for downside resumption.
Focus on the US Jobless Claim data for direction. Coronavirus updates will be crucial to follow to gauge market risk appetite.
Break above 200-DMA will fuel upside in the pair. On the flipside, break below cloud will drag the pair lower.
Support levels - 106.85 (Lower BB), 106.44 (50% Fib)
Resistance levels - 107.98 (21-EMA), 108.30 (200-DMA)
