12, September 2016

USD/JPY (a 4-hour chart)

General overview

The dollar strengthened against the yen despite the reduced expectations over the rate hike in the USA in September.

Current situation

The bullish views are still popular. The dollar continued its rally after a brief consolidation in the Asian session on Friday. The price broke 102.50 and is trying to consolidate over it. The instrument broke the 50, 100 and 200 EMAs upwards and is heading away from them. The moving averages are neutral. The resistance is at 103.50, the support comes in at 102.50.

MACD grew which indicates the sellers’ positions weakening. RSI is advancing towards the overbought area.

Trading recommendations

The pair seems to continue with the recovery. The price is heading towards 103.50.