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Chart - Courtesy Trading View
Technical Analysis: Bias Bullish
- USD/JPY was trading 0.27% lower on the day at 128.515 at around 08:50 GMT
- The pair is slipping lower from 20-year high at 129.40, bias remains bullish
- Overbought conditions on oscillators and Spinning top on the daily candle may drag the pair lower
- GMMA indicator shows major and minor trend are strongly bullish, pullbacks are likely to be shallow
Major Support Levels:
S1: 127.30 (5-DMA)
S2: 126.13 (200H MA)
Major Resistance Levels:
R1: 129.40 (Monthly high)
R2: 130
Summary: USD/JPY may see minor technical correction. Resumption of upside will see test of 130 mark.
