The pair has bounced off 21-EMA which is strong support at 132.12, weakness only on break below
Price action is above major moving averages and daily cloud
The pair snapped a three day bearish streak and edged higher to retrace dip below 200H MA.
Technical bias for the pair is bullish. Pullbacks on account of overbought conditions are likely to be shallow.
On the weekly this FX pair has been in a downtrend for many weeks, on the daily the USDJPY has been barely tradable. Sometimes the higher timeframes just prove to have the smoother trend. Apply it to your style of trading.
Hold on to USDJPY shorts, next support at 105 and 100 will follow.
