USDJPY analysis for 17.07.2017

There are no economic reports in Japan therefore USDJPY will be chiefly under the influence of Empire State Manufacturing Index data. The support rests at 112.340 with resistance at 112.780 which both lines are below the weekly pivot point at 113.080. The EMA of 10 is moving with bearish bias along the descendant channel and it is above the EMA of 100 and the EMA of 200. The RSI is moving horizontally above the oversold area, the Stochastic is showing upward momentum and the MACD indicator is in negative territory. The ADX is not showing any clear signals. It seems that 112.34 level of support is too strong to be broken therefore long positions are recommended targeting 114 area. https://fxglory.com/usdjpy-analysis-for-17-07-2017/