USD/JPY (a 4-hour chart)
USD/JPY has managed to stay above 97.50 on a background of solid ISM Manufacturing PMI.
Expectations that U.S. Government can stop its activity spoiled the picture of the dollar against major rivals, the pair reached a session high at 97.65. USD/JPY is still being traded lower.
The growth of USD / JPY may be limited by the resistance 98.29, 98.63 and 99.00 (psychological level). On the other hand, the support lies at 97.65, 97.49, 97.10 (a minimum of 15 and 21 August).
The downward movement will be relevant as long as the price is below the critical Kijun-sen line if the price consolidates above the Kijun-sen, the "dead cross" will be weakened and may be canceled.
Tenkan-Sen and Kijun-Sen are crossed in a descending "dead cross". Kijun-sen is moving in a horizontal direction parallel to the cloud, and the Tenkan-Sen continues to grow. The price is below the cloud. The Cloud is growing.
Bollinger Bands follow the price up. The indicator shows a high volatility.
MACD is in a negative area.
The pair did not manage to break down the 97.62 level and this will probably counter-force, through which the pair again be able to return upwards.
The resistance level 98.02 will be the potential target of possible corrective rally. A break of this level the bulls will be able to raise the price to 98.42 sloping trend line.