The descending leg is still on going
There are no major economic reports in Japan but the US will release Loan Officer Survey, ISM Non-Manufacturing PMI and Final Services PMI. On the chart USD has had a big loss against JPY. No trend reversal signals have been issued yet and the decline is expected to be grater.
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 105.750 with resistance at 106.380 which both lines are below the weekly pivot point at 107.480. 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 moving in oversold area, the Stochastic is moving in low ranges and the MACD line is below the signal line in the negative territory. The ADX is showing sell signal.
The support line breakthrough will push the price down towards 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.