USDJPY is under the influence of many news reports which are pushing the price in higher ranges. These reports were about the US stocks, the Nasdaq Composite, The Dow Jones Industrial Average and the Nymex crude oil. While this pair is supported by the EMA of 10 and the EMA of 50 it will continue its upward trend within the ascendant channel. The pair is finding support at 109.430 with resistance at 109.970 which both are below the monthly pivot point at 112.590. The MACD indicator is in positive territory showing the price growth. The RSI is above the 50 level confirming the same scenario. Long positions are recommended with the target at 110.15.
Technical analysis of USDJPY dated 21.04.2016
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