Technical analysis of USDJPY dated 19.05.2016

USDJPY is under the influence of some economic data in the US and Japan such as: Natural Gas Storage, Unemployment Claims, Philly Fed Manufacturing Index, CB Leading Index m/m, Core Machinery Orders m/m and Industries Activity m/m. USDJPY continued its movement with bullish bias today as well. The support rests at 109.740 with resistance at 110.440 which both lines are above the weekly pivot point at 108.400. The EMA of 10 and 50 are moving with bullish bias as well while EMA of 10 is above the EMA of 50. The MACD indicator is in positive territory and the RSI is above the 50 level. The price is above the Ichimoku Cloud and the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing an upward movement. Long positions are recommended with the target at 110.60

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