Trend reversal almost happened!
Consumer Confidence and Monetary Base were released in Japan. JPY is gaining power against USD and is about to recover the previous lost against USD. an ascending trendline is forming and bullish power is taking over bears. previous descending trendline was broken and a pullback was made.
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 104.290 with resistance at 104.860 which both lines are above the weekly pivot point at 104.190. The EMA of 10 is moving with bullish bias along the ascendant channel and it is below the EMA of 200 and above the EMA of 100. The Stochastic is showing upward momentum, the RSI is moving in overbought area. The MACD is moving in positive territory and the ADX is showing buy signal.
Buyers can expect 105 area but there will be a lot of resistance around it.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.