The US Non-Farm Payrolls report showed weaker that expected
numbers today, but nevertheless the decline in USD/JPY pair was seized, having
in mind the weekly performance. Yesterday the pair marked a fresh 3-week low at
115.21 influenced mostly by the FOMC minutes released previous day.
Currently the pair is showing signs of recovery and is
trading at 116.96 and seems that is gaining momentum.
USD/JPY has crossed to above the 20-day EMA, which is
now acting as support. RSI is placed around mid-lines, but displaying strong
upward trend. Stochastic has recovered from the extreme overbought area and is
firming the bullish trend.
The pair is very close and is quite likely to overcome
the resistance at 117.00. Nest resistance is located at 118.60. Looking
downwards support is seen at 115.21 (yesterday’s low) and lower at 114.73.
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