FxWirePro: USD/JPY opens the week on a bearish note, risk-off amid fresh US-China trade woes weighs

USD/JPY chart - Trading View 

USD/JPY has opened the week's trade on a bearish note as risk-off amid fresh US-China trade woes weighs.

The major was trading 0.14% lower on the day at 106.73 at around 05:15 GMT after closing 0.23% lower on Friday's trade.

US diplomats allege China for the mishandling of the Coronavirus pandemic. Chinese dailies tried to turn down the allegations on Friday.

Any deterioration of the US-China trade relations could keep the risks heavy and add to downside in the pair.

Technical studies support downside.Major and minor trend as indicated by GMMA are bearish. 

RSI is well below 50 and biased lower. 'Death cross' on the daily charts could plummet prices.

21-EMA caps upside and price action is extending downside below 200-DMA. Break below cloud will see further downside.

Major Support Levels: 106.44 (50% Fib), 106, 105.20 (61.8% Fib)

Major Resistance Levels: 106.84 (5-DMA), 107.48 (21-EMA), 108.26 (200-DMA)