USDJPY technical analysis 05.02.18

USDJPY

The pair corrected downwards a little after last Friday’s growth against the background of strong data on US economy. The pair holds the potential to continue its local growth since the Bank of Japan is now less expected to alter its monetary policy line this year. At the same time, the Fed is expected to raise the interest rates this year.

The pair is above the middle Bollinger band, below SMA 5, but above SMA 14. RSI is below the overbought zone. Stoch are moving down.

Trading recommendations:

If the pair goes above the mark of 110.30, there’s a chance of a local growth up to 111.00.