USDJPY analysis for 18.05.2017

Japan is releasing GDP Growth Rate along with the US publishing Initial Jobless Claims. The support rests at 110.640 with resistance at 111.440 which both lines are below the weekly pivot point at 113.360. The EMA of 10 is moving with bearish bias and it has passed the EMA of 100 and they are both above the EMA of 200. 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 showing sell signals. USDJPY has started its correction pattern and it seems that it continues its bullish trend targeting 61.8 level of Fibonacci retracement at 112.9. https://fxglory.com/usdjpy-analysis-for-18-05-2017/