01, September 2016

USD/JPY (a 4-hour chart)

General overview

The dollar grew vs. the yen due to the latest Fed officials’ comments and the release of encouraging US employment data.

Current situation

The pair had a positive day on Wednesday. The price kept advancing towards the 103.50 resistance. MACD is heading north within positive territory, RSI is in the overbought territory. The 50, 100 and 200 EMAs accelerated their advance north which is a buy signal. The resistance is at 103.50, the support comes in at 102.50.

Trading recommendations

According to the indicators the price is overbought. There is a risk towards the upside. After the break above 103.50, we may see the price extending up to the 104.50 level. In case of the upside the USD/JPY shall return below the 102.00 region.