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FxWirePro: USD/JPY extends weakness for the 5th straight session, focus on US ADP data for further impetus

USD/JPY chart - Trading View 

Technical Analysis: Bias Bearish

GMMA Indicator

- Hourly Charts: Major and minor trend are bearish

- Daily Charts: Major trend is bullish, minor trend is neutral

- Weekly Charts: Major and minor trend are strongly bullish

Ichimoku Analysis

- Tenkan Sen: 110.41

- Kijun Sen: 109.91

- Chikou Span: 110.48

- Price action is above cloud and is holding support at Tenkan Sen, Chikou span is flatlined

Oscillators

- Stochs and RSI are in neutral territory

- Stochs are on verge of rollover from overbought levels

Bollinger Bands

- Bollinger bands are wide and indicate high volatility 

Major Support Levels: 110.41 (Tenkan Sen), 110.19 (21-EMA), 110 (Trendline)

Major Resistance Levels: 110.63 (5-DMA), 111 (Psychological mark), 111.20 (Upper BB)

Summary: USD/JPY was extending weakness for the 5th straight session, near-term outlook bearish. Upside remains capped at 5-DMA, the pair is on track to test 21-EMA support at 110.19.
 

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