05, September 2016

USD/JPY (a 4-hour chart)

General overview 

The yen softened on the back of US monthly jobs report.

Current situation

USD/JPY briefly dropped below the 103.50 level and hit fresh 2-day lows right after US NFP report. The price hit 2-day low and attracted buying interest, as a result the price came back to the opening price level and then returned to a growth. The resistance is at 104.50, the support comes in at 103.50.

The price remained above the moving averages in the 4 hours chart which present a strong bullish slope. The moving averages accelerated their growth on Friday.

MACD is in the positive area. RSI approached the overbought territory. The indicators generate a buy signal.

Trading recommendations

The resistance 104.50 is the main buyers’ target right now. Sellers may regain some control if they manage to push the price below 103.50.