While the US is not publishing any economic data, Japan is releasing the Prelim Machine Tool Orders y/y, Tertiary Industry Activity m/m, M2 Money Stock y/y and Core Machinery Orders.
The support rests at 108.230 with resistance at 108.710 which the weekly pivot point at 108.360 is located in between the lines. The EMA of 10 is moving with bearish bias along the descendant channel and it is below the EMA of 100 and the EMA of 200. The RSI is rising towards the 50 level, the Stochastic is showing upward momentum and the MACD indicator is in negative territory. The ADX is not showing any clear signals.
The resistance area seems to be too strong to be broken therefore short positions are recommended towards 107.5.

usdjpy analysis

usdjpy