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Chart - Courtesy Trading View
US dollar on the defensive amid a better market mood, keeping USD/JPY pair rangebound. 125 proves major resistance for the pair, price action fails to close above in the previous week.
Technical Analysis: Bias Neutral
- USD/JPY was trading 0.09% higher at 122.88 at 11:30 GMT
- The pair extends range trade with session high at 122.99 and low at 122.37
- Price action grinds sideways along 200H MA and 5-DMA support
- GMMA indicator shows major and minor trend are bullish
- Pullback on account of overbought oscillators are likely to be shallow
Support levels - 122.32 (5-DMA), 122, 120.45 (21-EMA)
Resistance levels - 123, 124, 125.10 (Previous week high)
Summary: USD/JPY downside seems limited with bullish technical bias. US ISM Services PMI and Fedspeak will be closely watched for impetus.
