FxWirePro: USD/JPY rangebound, dollar under pressure ahead of Fed Powell’s speech

Chart - Courtesy Trading View 

USD/JPY was trading 0.07% higher on the day at 138.78 at around 12:45 GMT, bias lower. 

The pair is grinding sideways for the 5th straight session, US dollar remains under pressure ahead of Fed Powell's speech.

Softer US data released overnight also weighs on the greenback. Conference Board (CB) Consumer Confidence Index dropped to 100.2 in November versus 102.2 prior (revised down from 102.5).

Major focus today is on US Federal Reserve (Fed) Chairman Jerome Powell’s first speech since the November meeting.

The policymaker is likely to defend the central bank’s rate hike trajectory which could raise concerns about the nation's economic growth. 

Also, Friday's Nonfarm Payrolls (NFP) as well as the second readings of the US Gross Domestic Product (GDP) for the third quarter (Q3) will be crucial for price movement.

Major Support Levels: 

S1: 135.09 (Lower BB)

S2: 134.30 (200-DMA)

Major Resistance Levels: 

R1: 139.73 (200H MA)

R2: 140.02 (110-EMA)

Summary: Technical bias for the pair is biased lower. Momentum is bearish. Price action is below 110-EMA, scope for dip till 200-DMA.