Yen is affected by the Japanese Ministry of Finance announcements concerning the national currency rise and also the growth of Nikkei. Despite its long term bearish look, USDJPY started its bullish trend on Tuesday and has been climbing the ascendant channel since then. The support rests at 109.160 with resistance at 109.680 which both are below the monthly pivot point at 112.590. The MACD indicator is not showing any clear signals for traders since it is in neutral territory but the RSI and the ADX are showing stronger buy opportunity than sell. The EMA of 10 is trying to reach the EMA of 50 which is above it. If the price breaks the 110.00 level, it will be a good sign for further rise otherwise this level would be a strong resistance stopping the trend from further growth. If 110.00 level stays as the resistive zone then the pair will continue its long term bearish trend. Traders can wait for a better chart setting to set their orders.
Technical analysis of USDJPY dated 14.04.2016
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