USD/JPY (a 4-hour chart) -Technical Analysis for 18.07.2016
18/07/2016 // 09:21:27 am
USD/JPY (a 4-hour chart)
The yen kept declining and touched the three-week highs during Friday. The currency is under stress after the growth of the Bonds Market. If the situation prevails, the Japanese regulator may undertake new softening measures.
There is no change in USD/JPY outlook. The growth from 98.97 is still seen as a correction and it seems to be completed. The pair sharply declined on Friday and lost about 0.47%. Sellers appears to have come back to the market. The resistance is seen at 105.30, the support exists at 104.50.
MACD continues to be in the positive territory, however, its histogram declined which indicates the weakening position of the buyer. RSI left the overbought area which is another sell signal.
The pair is returning to the 200-EMA which acts as a support in the 4-hour chart. The 50-EMA and the 100-EMA are still ascending which is a buy signal.
The price is expected to decline towards 103.50. Alternatively, the pair will restart its growth.
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