A smooth increase in price after a spike
Japan has released the Tertiary Industry Activity m/m and PPI Input and Output, Retail Price Index and Inflation Rate will be published in the UK. In the chart, the price is trying to recover from the previous descend. the descending wave ended in a spike and from then the price is moving upward in an ascending channel
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The pair is finding support at 139.250 with resistance at 140.000 which both lines are above the weekly pivot point at 138.770. The EMA of 10 is moving with bullish bias in the ascendant channel and it is located below the EMA of 200 and above the EMA of 100. The RSI is moving above the 50 level, the MACD line is below the signal line in the negative territory and the Stochastic is showing upward momentum. The ADX is not showing any clear signals. The price is above the Ichimoku Cloud and below the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing a horizontal trend.
Long positions are recommended towards 142.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.