Prelim Machine Tool Orders has been released in Japan and the US will publish PPI, PPI Core and Crude Oil Inventories data.
The support rests at 109.780 with resistance at 110.050 which both lines are above the weekly pivot point at 108.950. The EMA of 10 is moving with bullish bias in the ascendant channel and it is above the EMA of 200 and the EMA of 100. The RSI is moving in overbought area, the Stochastic is showing downward momentum and the MACD line is below the signal line in the negative territory. The ADX is not showing any clear signals.
Considering the price decline and forming the correction pattern, USDJPY will be targeting 109.500 today.
