USD/JPY Technical Analysis: October 28, 2016
The USD was able to maintain its three-month price advantage against the JPY after a positive US Treasury yields data and growing positive expectations with regards to the Fed rate hike in December. Thursday’s session saw the USD increase further in relation to the Japanese yen, with the USD/JPY bouncing back from its previous losses during the last trading session.
The pricing for the pair remained on the positive territory and was able to reach the 105.00 range during the rest of the trading session. The currency pair was able to go beyond its current moving averages and is currently pointing on the higher side of its hourly chart. Support levels for the currency pair is at 104.50, while resistance levels are set at 105.00.
The MACD indicators for the pair is expected to increase, while the RSI indicator for the pair is currently consolidating within its overbought trading range. The USD/JPY pair will have to maintain its value above 104.50 points in order to retain its bullish stance and create more gains for the pair. Meanwhile, if the pair closes down the trading session at 104.50, then the pair is expected to go even lower at 104.00 points.
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