Today USDJPY is under the influence of Japan Industries Activity m/m report and the US economic news such as FOMC Statement, Pending Home Sales m/m, Federal Funds Rate and Crude Oil Inventories. It seems that USD is getting stronger than JPY. While USD is getting more support from oil condition, USDJPY is climbing the ascendant channel following the Andrew’s pitchfork direction. The support lies at 110.890 with resistance at 111.310 which both lines are above the weekly pivot point at 110.470. The MACD indicator is in positive territory showing the price growth and the RSI is above the 50 level.The EMA of 10 is above the EMA of 50 confirming the price movement in higher ranges.Long positions are recommended with the target at 113.00.
Technical analysis of USDJPY dated 27.04.2016
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