bearish pressure on the support level
There are no major economic reports in Japan and the US so USDJPY will be mostly under the influence of macroeconomic reports. On the price chart, the price is on a strong descending wave and now has reached the support level at 107.25. Bears are trying to break the support level.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 107.230 with resistance at 107.740 which the weekly pivot point at 107.590 is located in between the lines. The EMA of 10 is moving with bearish bias in the ascendant channel and it is above the EMA of 200 and the EMA of 100. The RSI is moving below 50 level, the Stochastic is moving in low ranges and the MACD line is below the signal line in the negative territory. The ADX is not showing any clear signals.
USDJPY is under pressure and sellers can target 107.200.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.