FX:USDJPY   U.S. Dollar/Japanese Yen
29 0 1
Current trend

Yesterday the USD/JPY             pair strengthened. The American currency was supported by favorable macroeconomic statistics, released in the US in the afternoon. In particular, the US trade deficit shrank from $47.00 billion to $40.40 billion, exceeding the forecast of $41.50 billion. Moreover, ISM Non-Manufacturing PMI was up from 54.7 to 55.7 points.

On Friday dynamics in the pair can be influenced by data on Unemployment Rate and Nonfarm Payrolls, due in the US.

Support and resistance

On the 4-hour chart, the pair is correcting at the upper MA of Bollinger Bands . The indicator is directed horizontally while the price range is widening. MACD histogram is in the negative zone; its volumes are falling. The indicator is forming a buy signal. Stochastic has turned down in the overbought zone.
The indicators recommend waiting for clearer trading signals.

Support levels: 106.90, 106.62, 106.24, 106.02, 105.71.
Resistance levels: 107.56, 107.97, 108.40, 108.91, 109.31.

Trading tips

Short positions can be opened after the level of 106.62 is broken down with the target at 105.71 and stop-loss at 106.90. Validity – 1-2 days.
Long positions can be opened after the level of 107.56 is broken out with the target at 107.97 and stop-loss at 106.90. Validity – 1-2 days.
More analytic from LiteForex:
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