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Chart - Courtesy Trading View
USD/JPY was trading 0.16% higher on the day at 134.38 at around 05:20 GMT, bias neutral.
The pair is extending sideways below 110-EMA resistance, technical indicators fail to provide clear direction.
Hawkish comments from Bank of Japan (BoJ) Governor Haruhiko Kuroda and the mixed Japan Purchasing Managers Index (PMI) for February weigh on the pair.
Preliminary readings of Japan’s Jibun Bank Manufacturing PMI fell to the lowest levels since September 2020, to 47.4 versus 48.9 expected and prior.
Japan Services PMI, however, was up at 53.6 compared to 51.5 market forecasts and 51.1 previous readouts.
BoJ’s Kuroda said that wage growth will likely accelerate, raising fears of a higher BoJ rate when Kuroda retires in April.
Risk catalysts will influence price action ahead of the first readings for the US February PMIs. A firmer reading will support the pair higher.
Ahead in the week, investors will be focused on the release of the FOMC’s latest meeting minutes where policymakers raised rates by 25 basis points.
Major Support Levels:
S1: 134.15 (5-DMA)
S2: 133.19 (55-EMA)
Major Resistance Levels:
R1: 134.83 (110-EMA)
R2: 136.95 (200-DMA)
Summary: USD/JPY is struggling at 110-EMA resistance from the past few sessions. Break above will see test of 200-DMA. Decisive break above 200-DMA required for upside continuation.
