08, August 2016

USD/JPY (a 4-hour chart)

USD/JPY (a 4-hour chart)

General overview

The pair strengthened on much better-than-expected Nonfarm Payrolls in the USA.

Current situation

The pair looks bullish, the tone is positive in the market. Traders pushed the dollar higher and closed in the green area. The resistance is at 102.50, the support comes in at 101.40.

The MACD indicator shows a convergence which is a buy signal. MACD is growing. RSI bounced from the oversold area.

The instrument broke the 50 and 100 EMAs and stayed above the latest in the 1 hour chart. The moving averages (50, 100 and 200) direction is downwards in the mentioned time frame.

Trading recommendations

The bullish views are getting more popular now. We support the growth scenario, the next stop for the USD/JPY could well be around 102.50.