Technical analysis of USDJPY dated 29.04.2016

According to BOJ, Yen is growing since they did not change the interest rates. Plus, USDJPY is under the influence of Industrial Production for March and Retail Sale report. USDJPY started its downward trend since yesterday and can begin its reversal anytime soon around the support level of 106.63. The support rests at 106.900 with resistance at 108.150 which both lines are below the weekly pivot point at 110.470. All indicators are signaling price decline such as MACD which is in negative territory, the RSI is below the 50 level and Stochastic is confirming this price fall. The EMA of 10 has already passed the EMA of 50 creating a sharp fall on the chart. Short term downtrend is expected until the price reaches 106.63 after that a reversal is more probable.

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