USDJPY is massively affected by some economic announcements such as the Leading Indicators and 30-y Bond Auction in Japan and the Consumer Credit m/m, IBD/TIPP Economic Optimism, Revised Unit Labor Costs q/q, and Revised Nonfarm Productivity q/q in the US. Yesterday USDJPY created a new low at 106.354 and it has been moving with bullish bias since then. The support lies at 107.00 with resistance at 108.220 which both lines are below the monthly pivot point at 109.230. The EMA of 10 is moving below the EMA of 75 showing the recent price fall. The MACD indicator is in negative territory and the RSI is getting closer to the 50 level. Long positions are recommended targeting the resistance zone.
USDJPY analysis for 07.06.2016
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