On Monday, the US dollar opened higher than it had on Friday, as traders tried to shake off some of the erratic behavior they had seen on the previous trading day. We retraced to the 50-day EMA, but then rose substantially to create a hammer. Perhaps the buyers are returning, so it will be fascinating to see whether they can hold onto their gains. At this point, it seems that we will attempt a similar maneuver.
As a result of this, the market is expected to experience a lot of upward momentum in the near future, particularly since Friday was virtually a vacation since it is the day after Thanksgiving.
The support rests at 112.84 with resistance at 113.55 and the price is moving below the Pivot Point at 113.30. The EMA of 10 is moving with the bearish bias in the descendant channel and crossed the EMA of 100 and EMA of 200. Both EMA of 100 and 200 are showing a horizontal state. The RSI is moving around the level of 30, the MACD histogram is in negative territory.
USDJPY H4 Timeframe
The Stochastic is moving toward the oversold area. The ADX is not showing a clear signal. The price is below the Ichimoku Cloud and the Chinkou Span is far away the market price. The Tenkan-sen is showing a downward momentum but the Kijun-sen is in a downtrend.
- There is resistance at 113.55, followed by resistance at 114.01 and 114.26.
- There is support at 112.84 Below, there is 112.59 and 112.13.