USDJPY is declining along the descendant channel creating lower highs and lower lows. The support rests at 113.100 with resistance at 113.930 which both lines are below the weekly pivot point at 115.240. The EMA of 10 is moving with bearish bias along the descendant channel and it is below the EMA of 200 and the EMA of 100. The RSI is moving in oversold area, the Stochastic is showing downward momentum and the MACD indicator is in negative territory. The ADX is showing a sell signal. The support area seems to be strong for this pair therefore it would be not easy to be broken therefore buyers can expect a price correction and wait for 115 area.
USDJPY analysis for 17.01.2017
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