analysis

USDJPY analysis for 08.02.2018

Japan has released the Economy Watchers Sentiment, 30-y Bond Auction, Current Account and Bank Lending y/y data and the US will publish 30-y Bond Auction, Natural Gas Storage and Unemployment Claims.
The support rests at 109.100 with resistance at 109.960 which the weekly pivot point at 109.680 is located in between the lines. The EMA of 10 is moving with bullish bias in the ascendant channel but it is below the EMA of 200 and the EMA of 100. The RSI is moving on the 50 level, the Stochastic is showing upward momentum and the MACD line is above the signal line in the positive territory. The ADX is showing buy signal.
It seems that USDJPY has started its correction pattern towards 61.8 level of Fibonacci targeting 111 area.

usdjpy

usdjpy

Source: fxglory