analysis

USDJPY analysis for 06.02.2018

Japan is not releasing any economic data but the US will publish Loan Officer Survey, Mortgage Delinquencies, ISM Non-Manufacturing PMI, and Final Services PMI.
The support rests at 108.240 with resistance at 109.280 which both lines are below the weekly pivot point at 109.680 is located in between the lines. The EMA of 10 is moving with bearish bias in the descendant channel and it is below the EMA of 200 and the EMA of 100. The RSI is rising towards the 50 level, the Stochastic is showing downward momentum and the MACD indicator is in negative territory. The ADX is not showing any clear signals.
Indicators are all showing mixed signals however, it seems that USDJPY has started its correction pattern, therefore buyers can target 110.5.

usdjpy

usdjpy

Source: fxglory