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[b]Technical Analysis for USD/JPY: May 3, 2016[/b]
The Manufacturing PMI of the USA for April heightened to 51.8. Many traders had looked forward for the index to lessen by 51 in opposition to 51.5 recorded in March. Meanwhile, the Manufacturing PMI of Japan surpass our expectations and grew by 48.2 contrary to the report of 48.0.
The first support occurs at 105.80 and at 105.00 subsequently. The first resistance lies at 106.60 and at 107.40 subsequently.
A confirmed and a sturdy sell signal has been found. The price is below the Ichimoku Cloud and it is below the Chikou Span. The Tenkan-sen and the Kijun-sen form a horizontal motion. The descending movement will remain until the price is below the Cloud.
The MACD indicator is in a negative location. The price is correcting.
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