USDJPY analysis for 11.07.2016

USDJPY is under the influence of some economic data such as the Prelim Machine Tool Orders y/y, M2 Money Stock y/y, Core Machinery Orders m/m, and the results of the Upper House Elections in Japan and the Labor Market Conditions Index m/m for the US. USDJPY started today with bullish bias trying to reach the monthly pivot point. The support lies at 100.820 with resistance at 102.860 which both lines are below the monthly pivot point at 104.300. The EMA of 10 is rising after its long term bearish look but it is located below the EMA of 100. The RSI is growing to the overbought area, the MACD indicator is moving towards the positive territory and the ADX is showing strong buyers. The pair may grow to 102.50 at the moment.

https://fxglory.com/usdjpy-analysis-for-11-07-2016/