USD/JPY (a 4-hour chart)
The dollar strengthened after a strong Non-Farm Payrolls report. Despite the positive Non-Farm the USA economy remained under pressure.
The USD/JPY remained in the descending channel in the 4 hours chart. The price is in a flat on the level 100.00. The resistance stands at 101.40, the support is seen at 100.00.
The price is below the 50, 100 and 200 EMAs which are moving downwards in the 4 hours chart. The instrument tested the 100-EMA and bounced from it below the 50-EMA in the 1 hours chart.
MACD remained negative that indicates the sellers’ strong positions. RSI is close to the oversold area. If the oscillator enters the oversold area, that will be a sell signal.
The price is likely to stay in a flat 101.40-100.00. We do not exclude an upward correction. If the pair breaks 101.40 up it will open the way to the level of 102.50.