Chart - Courtesy Trading View
USD/JPY was trading 0.33% lower on the day at 128.06 at around 08:50 GMT, bias neutral.
The pair is extending sideways grind around 5-DMA, finds immediate support at 200H MA.
Aggressive Fed rate hike bets and the risk-off impulse underpinned the USD, limiting downside in the pair.
The Bank of Japan will be in focus this week, as the central bank is set to announce its April policy decision on Thursday.
Markets aren’t expecting a change to the benchmark rate, but an update to the bank’s inflation targets is expected.
Technical analysis shows bullish bias for USD/JPY. Overbought conditions may cause some pullbacks.
Break below 200H MA could see dip till 21-EMA at 125.25. Bullish invalidation only below 21-EMA.
