Industrial Production data came lower than expected in Japan.
The support rests at 103.430 with resistance at 104.090 which the weekly pivot point at 103.930 is located in between the lines. The EMA of 10 is moving with bearish bias in the descendant channel and it is above the EMA of 100 and below the EMA of 200. The Stochastic is showing downward momentum, the RSI is moving on level 50. The MACD is moving in neutral territory and the ADX is not showing any clear signals.
Considering the correction pattern, sellers can expect the decline to continue towards level 61.8 of Fibonacci at 103.250.
