USD/JPY chart - Trading View
Spot Analysis:
USD/JPY was trading 0.21% higher on the day at 109.75 at around 05:40 GMT.
Previous Session's High/ Low: 109.88/ 109.38
Previous Week's High/ Low: 110.19/ 108.55
Fundamental Overview:
USD/JPY traders likely to remain on the sidelines ahead of Friday’s US Nonfarm Payrolls (NFP) data.
The US dollar index (DXY) holds marginal gains, up 0.13% on a day, backed by weaker US Treasury yields and sluggish stock futures.
Improving odds of the US-China trade deal and Iran’s joining back of the nuclear treaty support market sentiment and keep dollar bids in check.
Focus now on today's US ADP Employment Change and ISM Services PMI data for impetus.
Technical Analysis:
- Price action is above major moving averages and daily cloud
- GMMA indicator shows major and minor trend are bullish
- Chikou span is biased higher and oscillators show bullish momentum
- Volatility is high as evidenced by widening Bollinger bands
Major Support and Resistance Levels:
Support - 109.62 (5-DMA), 109.25 (21-EMA), 108.98 (Trendline and 23.6% Fib)
Resistance - 110 (Upper BB), 110.20 (May 28 high), 110.84 (April high)
Summary: Caution likely to prevail ahead of crucial NFP data (Friday). Technical indicators have a bullish bias. Scope for upside continuation. Weakness only below daily cloud.
