Technical analysis of USDJPY dated 12.04.2016

In Japan Bank Lending y/y and Prelim Machine Tool Orders y/y affect JPY and in US the Import prices m/m and Fed Budget Balance affect USD and as the result,USDJPY will be more active today. USDJPY is finding support at 107.74 with resistance at 108.52 both below the weekly pivot point at 109.300. The price is below the Ichimoku Cloud and the Chinkou Span signaling the price decline beside the Kijun-sen and the Tenkan-sen both pointing out the bearish trend. The MACD indicator is in negative territory confirming the price fall along with the RSI locating below the 50 level. The EMA of 10 is staying below the EMA of 50 which shows the pair has been moving in low ranges recently. Short positions are recommended with the target at 106.60.


https://fxglory.com/technical-analysis-of-usdjpy-dated-12-04-2016/