Resistance level blocked again
There are no major economic reports in Japan so USDJPY will be massively under the influence of the US economic reports. In the price chart, the price line is currently forming an ascending channel. Bears are taking power and descending market is expected.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 105.120 with resistance at 105.570 which both lines are below the weekly pivot point at 105.670. The EMA of 10 is moving with bearish bias in the descendant channel and it is below the EMA of 200 and the EMA of 100. The RSI is rising towards level 50, the Stochastic is showing downward momentum and the MACD line is above the signal line in the positive territory. The ADX is not showing any clear signals.
USDJPY is trying to break the resistance line but it does not sound possible, sellers can target the lower Bollinger band at 105.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.