Descending channel is still valid
National CPI, National CPI ex fresh food & energy and PMI Composite were released in Japan. JPY has been strengthening against USD. A few days ago USD/JPY price chart formed an ascending channel, the channel is still valid and as long as the trendline is not broken, further descend is expected.
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support reached 103.610 with resistance at 104.090. Both lines are below the weekly pivot point at 104.500. The EMA of 10 is moving with bearish bias and it is below the EMA of 100 and 200. The Stochastic is moving in low ranges. The RSI is growing towards level 50 and the MACD indicators is in neutral territory. ADX is showing sell signal.
Further decline is expected towards 103.400.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.