A weak ascending trend is formed
Japan has released the Consumer Confidence survey and 10-y Bond Auction. The US will publish Consumer Credit m/m, JOLTS Job Openings, Trade Balance and NFIB Small Business Index. In the chart we can see that the price is increasing in a low slope trend.
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 108.530 with resistance at 109.290 which both lines are above the weekly pivot point at 108.060. The EMA of 10 is moving with bullish bias in the ascendant channel and it is below the EMA of 100 and the EMA of 200. The RSI has grown to 50 level, 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.
USDJPY is recovering from the previous low slowly therefore buyers can target 109.60 today.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.