USDJPY analysis for 31.07.2017

Japan is publishing Housing Starts y/y and preliminary industrial production m/m along with the US releasing some economic data such as Pending Home Sales m/m and Chicago PMI. The support rests at 110.240 with resistance at 111.860 which both lines are below the weekly pivot point at 111.130. The EMA of 10 is moving with bearish bias along the descendant channel and it is below the EMA of 100 and above the EMA of 200. The RSI is rising towards the 50 level, the Stochastic is moving in low ranges and the MACD indicator is in negative territory. The ADX is not showing any clear signals. The resistance level breakout will smooth the way for further growth otherwise the pair will drop to 109.8. https://fxglory.com/usdjpy-analysis-for-31-07-2017/