Ascending channel has formed
Unemployment Rate, Industrial Production and Housing Starts reports were released in Japan. The US will publish Gross Domestic Product and Consumer Confidence. On the chart the price has formed an ascending channel. The overall look of the chart is bullish and higher prices for USD/JPY is expected.
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 107.540 with resistance at 107.900 which both lines are above the weekly pivot point at 106.910. The EMA of 10 is moving with bullish bias in the ascendant channel and it is above the EMA of 200 and the EMA of 100. The RSI is moving in overbought area, 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 signal.
Considering the correction pattern USDJPY may grow towards level 61.8 of Fibonacci at 108.400.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.