USD/JPY (a 4-hour chart)
The dollar softened against the yen due to uncertain U.S. statistics which makes us doubt of a Fed rate-hike in September.
The USD/JPY traded around the monthly pivot point on Friday. The tone is still negative in the market. Sellers were able to push the price lower on Friday. The session low was marked at 101.68. The price broke the 100 and 200 EMAs, but remained close to them after the break. The 4 hours chart presents that the moving averages are neutral. The resistance is at 102.50, the support comes in at 101.40.
MACD indicator is at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. RSI is neutral.
The overall outlook remains bullish, for rise towards 102.50 resistance area. The second buyers’ target is the mark 103.00.