USD/JPY (a 4-hour chart)
The US dollar returned some lost ground following Trump’s threats to tax Toyota Motor Corp. if it builds a plant in
The overall structure is bullish. The market will be in bulls' hands until the price is above the current trend line. Meanwhile, the USD/JPY pair extended its recovery momentum from the 115.00 psychological mark in the Asian session on Friday. The US dollar reversed its early losses and returned above 116.00 hurdle. Buyers extended their gains and moved the spot upwards ahead of the NA session opening. The Asian recovery stalled at 116.37 and the dollar returned to 116.00 afterwards. According to the 4 hours chart the spot bounced off the 200-EMA. The 50-EMA crossed the 100-EMA downwards in the same chart. The 100 and the 200-EMAs pointed higher while the 50-EMA was lower. The resistance is highlighted at 116.00, the support comes in at 115.00.
MACD grew which indicates the sellers’ positions weakening. The RSI remained within oversold readings.
A move below 115.00 will signal the presence of sellers. We cannot rule out the chance that the pair would try to get to the level at 114.00 in the short-term. Conversely, USD/JPY will resume its uptrend as soon, as the price rises above the resistance level 117.00.