USDJPY analysis for 03.02.2017

There have been no important economic reports to influence USDJPY. The support rests at 112.600 with resistance at 113.320 which both lines are below the weekly pivot point at 114.310. The EMA of 10 is moving with bullish bias but it is below the EMA of 200 and the EMA of 100. The RSI is rising towards the 50 level, the Stochastic is showing upward momentum and the MACD indicator is in negative territory. The ADX is not showing any clear signals. The price has already touched the 61.8 level of Fibonacci retracement therefore it is time to start its bearish trend targeting 112.50. https://fxglory.com/usdjpy-analysis-for-03-02-2017/