The ascending step looks to be ending
Japan released the All Industries Activity m/m BOJ Policy Rate and Monetary Policy Statement. The US will publish Natural Gas Storage, Existing Home Sales, CB Leading Index m/m, Unemployment Claims, Current Account and Philly Fed Manufacturing Index.
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 107.810 with resistance at 108.330 which both lines are above the weekly pivot point at 107.700. 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 falling below 50 level, the Stochastic is showing downward momentum and the MACD line is below the signal line in the negative territory. The ADX is not showing any clear signals.
The support level breakthrough may push the price down towards 107.480; otherwise USDJPY may be targeting the previous high at 109.300.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.