The reasons we should be waiting to see a strong ascend in USD/JPY price chart.
Prelim Machine Tool Orders was released in Japan and the US will publish Building Permits and Housing Starts. This sounds to be the reason for the currently formed ascending trend. In the following we are going to have a short analysis of the chart to check what the next potential price moves are.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 105.320 with resistance at 105.690 which the weekly pivot point at 105.420 is located in between the lines. The EMA of 10 is moving with bullish bias in the horizontal channel and it is below the EMA of 200 and the EMA of 100. The RSI is moving above level 50, the Stochastic is moving in high ranges and the MACD line is above the signal line in the positive territory. The ADX is showing buy signals.
USDJPY is fluctuating within the horizontal channel. The bullish pressure is pushing the price towards 105.800.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.