FxWirePro: USD/JPY recovery capped below 5-DMA, scope for further downside

USD/JPY chart - Trading View 

USD/JPY was trading largely unchanged at 105.18 at around 08:15 GMT, after closing 0.29% lower in the previous session.

The pair is set for further weakness as minor recovery attempts lack traction and remain capped below 5-DMA resistance.

Analysis of GMMA indicator shows major and minor trend are bearish and ADX and CCI support weakness.

A bearish 5-DMA crossover on 20-DMA adds to downside bias. Momentum indicators are bearishly aligned.

Pair grinds lower in 'Sloping channel' pattern. Price action is below cloud and major moving averages.

Dip till trendline support at 104.35 likely. Breach there could see test of 104 levels. 

5-DMA is immediate resistance at 105.36. Break above 55-EMA required for some meaningful upside. Bearish invalidation only above 200-DMA.