USD/JPY in a descending channel

Bears are in power

Japan released Economy Watchers Sentiment, Final GDP q/q, Final GDP Price Index y/y and Current Account. The US will publish JOLTS Job Openings. On the chart the price is moving within a descending channel. the overall look of the chart is bearish and sellers are controlling the market.

            Chart Notes: 

           • Chart time-zone is UTC (+03:00)

           • Candles’ time-frame is 4h.


The support rests at 108.300 with resistance at 108.960 which both lines are above the weekly pivot point at 108.210. The EMA of 10 is moving with bullish bias in the descendant channel and it is below the EMA of 200 and the EMA of 100. The RSI is moving above 50 level, the Stochastic is showing upward momentum and the MACD line is above the signal line in the positive territory. The ADX is showing buy signal.
USDJPY may grow towards 109 level but long term bearish trend will continue towards 107.700.

• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.