USDJPY analysis for 04.05.2017

There are not any important economic reports in Japan however the US is releasing Natural Gas Storage, Factory Orders m/m, Trade Balance, Prelim Unit Labor Costs q/q and Prelim Nonfarm Productivity q/q. The support rests at 112.540 with resistance at 113.020 which both lines are above the weekly pivot point at 110.950. The EMA of 10 is moving with bullish bias along the ascendant channel and it is above the EMA of 200 and the EMA of 100. The RSI is moving horizontally in the overbought area, the Stochastic is moving in high ranges and the MACD indicator is in positive territory. The ADX is showing buy signals. Long positions are recommended targeting 113 level and higher. https://fxglory.com/usdjpy-analysis-for-04-05-2017/