Chart - Courtesy Trading View
USD/JPY was trading 0.67% lower on the day at 130.64 at around 05:50 GMT, fails to extend previous session's losses.
The Japanese yen led gains across Asian currencies on Tuesday, while the dollar retreated as traders grew less concerned over an imminent banking crisis.
Yen also benefitted from some consolidation of overseas profits by Japanese firms ahead of the end of Japan’s financial year on Friday.
On the other side, the US dollar Index remained on the defensive well below 103.00 ahead of key data.
Later in the day, US Conference Board Consumer Confidence index will take centre stage ahead of FHFA’s House Price Index, Advanced Goods Trade Balance and the first testimony by FOMC’s S.Barr.
Major Support Levels:
S1: 130.65 (Trendline support)
S2: 129.19 (Lower BB)
Major Resistance Levels:
R1: 131.02 (5-DMA)
R2: 132.81 (21-EMA)
Summary: USD/JPY pivotal at trendline support. Technical bias is bearish, break below will drag the pair lower.
