Due to USDJPY chart, JPY has been acting stronger than USD and it seems that this currency is still being supported by Bank of Japan leaving its monetary policy unchanged. The support lies at 106.980 with resistance at 107.260 which both lines are below the weekly pivot point at 108.150. The price is under the Ichimoku Cloud and the Chinkou Span. The Kijun sen is showing a horizontal movement while the Tenkan-sen is showing an upward trend. The MACD indicator is in negative territory showing the price decline and the RSI is below the 50 level. The EMA of 10 is located below the EMA of 50 which confirms the idea of price decline as well. The pair is falling down the descendant channel. Short positions are recommended with the target at 106.60
Technical analysis of USDJPY dated 05.05.2016
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