02, September 2016

USD/JPY (a 4-hour chart)

General overview

The dollar remained closed to the 3-week highs ahead of the upcoming Non Farm Payrolls report.

Current situation

In general, the pair had a positive day on Thursday. The bullish views are still popular. The USD/JPY continued to advance north and set a new daily high at 103.80. The price slightly decreased at the start of the American Session after a weak statistics. The 50-EMA is crossing upwards the 100-EMA in the 4 hours chart. All moving averages are turning upwards in the mentioned timeframe. The resistance is at 103.50, the support comes in at 102.50.

MACD shows a bearish divergence in the 1 hour chart. RSI left the oversold area.

Trading recommendations

The pair now seems to be heading towards the 104.00 level. Should the price fixate over that level and the upward trajectory will be continued to 104.50. However, the USD/JPY pair is overbought and may pull back a little. In this scenario, sellers will drag the price down below 103.50.