USDJPY analysis for 22.06.2016

USD was supported after the Yellen’s speech and simultaneously JPY is losing power against USD. USDJPY will be affected by the risk appetite and the Brexit issue as well. USDJPY fell early today but is trying to rise creating bullish candles. The support lies at 104.290 with resistance at 104.970 which both lines are below the monthly pivot point at 109.230. The EMA of 10 is moving below the EMA of 75 showing the last bearish movement. The 104 level seems to be a strong resistance area and according to the indicators the price is falling within the descendant channel. The RSI is below the 50 level, the MACD indicator is in negative territory and the Stochastic is showing downward momentum. Short positions are recommended with the target at 103.50.

https://fxglory.com/usdjpy-analysis-for-22-06-2016/