USDJPY analysis for 04.08.2017

With the lower chances of a Fed rate hike, USDJPY remains under pressure. The support rests at 109.920 with resistance at 110.260 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 the EMA of 200. The RSI is moving horizontally below 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 can signal a correction pattern towards 111.5 otherwise, USDJPY will continue its bearish trend. https://fxglory.com/usdjpy-analysis-for-04-08-2017/