USDJPY analysis for 21.06.2016

The Bank of Japan left the monetary policy unchanged which affected USDJPY resulting in USD being supported against JPY. Yesterday the market was not volatile for this pair and it moved with bearish bias but today bulls came back and now bulls are in charge. The support rests at 103.540 with resistance at 104.590 which both lines are below the weekly pivot point at 105.00. The EMA of 10 is moving below the EMA of 75. Although the MACD indicator is showing price decline, the Stochastic is showing upward momentum and the RSI has already passed the oversold area around 30 and is rising up. The price is below the Ichimoku Cloud and above the Chinkou Span, the Kijun sen is showing horizontal trend and the Tenkan sen is showing downward momentum. If the pair falls it will reach 103.50 otherwise it will rise to 106.00.

https://fxglory.com/usdjpy-analysis-for-21-06-2016/