USDJPY analysis for 16.08.2017

While Japan is not releasing any economic data today, the US is publishing FOMC Meeting Minutes, Crude Oil Inventories, Housing Starts and Building Permits. The support rests at 110.540 with resistance at 110.840 which both lines are above the weekly pivot point at 109.600. The EMA of 10 is moving with bullish bias along the ascendant channel but it is below the EMA of 100 and the EMA of 200. The RSI is moving in overbought area, the Stochastic is showing upward momentum and the MACD indicator is in positive territory. The ADX is showing buy signals. Long positions are recommended targeting 111. https://fxglory.com/usdjpy-analysis-for-16-08-2017/