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Technical Analysis Report - USD/JPY

29/07/2016 // 05:06:55 am

General outline:

Ahead of the BoJ meeting on Friday, the yen gained strength against the US counterpart. The anticipation in the market that the regulator will soften its policy is high.

 

Present scenario:

The pair is near to the level of 104.50 during the course of the day. The price restarted the growth at the American session and climbed to the level 105.30. The resistance is observed at 105.30, the support lies at 104.50.

The indicators MACD and RSI continues to point to sell signal.

The instrument improved from the 100-EMA in the 4-hours chart. The price snapped the 50 and 200 EMAs on its way. The USD/JPY closed the day higher than the moving averages which are neutral.
 

Trading commendations:

We are optimistic about the growth and believe the growth will be continued now. The first target is the level of 105.30. Else, it will decline to the level of 103.50.

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