USDJPY analysis for 07.12.2016

Since there were no important economic reports in Japan, USDJPY is chiefly under the influence of the US economic reports such as: trade Balance and Factory Orders. The support rests at 113.830 with resistance at 114.530 which both lines are above the weekly pivot point at 113.010. The EMA of 10 is moving with bullish bias and it is located above the EMA of 200 and the EMA of 100. The RSI is moving above the 50 level, the Stochastic is showing upward momentum and the MACD indicator is in positive territory. The ADX is showing buy signal. Long positions are recommended targeting 115.00.

https://fxglory.com/usdjpy-analysis-for-07-12-2016/