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Chart - Courtesy Trading View
Spot Analysis:
USD/JPY was trading 0.15% higher on the day at 148.12 at around 08:30 GMT.
Previous Week's High/ Low: 149.71/ 145.10
Previous Session's High/ Low: 148.38/ 145.66
Fundamental Overview:
USD/JPY struggles to find direction as price action fails to extend Fed-inspired gains. Price action is extending sideways at 21-EMA support.
Escalating geopolitical tensions between North Korea and Japan join the risk-negative covid news from China keep downside limited.
US 10-year bond coupons ease to 4.096% while its two-year counterpart snaps a four-day uptrend as it drops to 4.611%.
Traders focus on the US ISM Services PMI, forecasted to ease to 55.5 in October compared to 56.7 previous readings. Friday’s US Nonfarm Payrolls (NFP) will also be critical, after a strong ADP report.
Technical Analysis:
- USD/JPY comatose around 21-EMA support
- Price action has edged above 200H MA
- GMMA indicator shows major trend is bullish, while minor trend is neutral
- The pair is trading above cloud and Chikou span is biased higher
Major Support and Resistance Levels:
Support - 147.23 (21-EMA), Resistance - 150.47 (Upper BB)
Summary: USD/JPY struggles for direction ahead of US NFP data. Bias remains bullish as long as pair holds above 21-EMA support. Breach below could change near-term dynamics.
