USDJPY analysis for 16.10.2017

Japan has published the Revised Industrial Production m/m data and the US will release Federal Budget Balance and Empire State Manufacturing Index. The support rests at 111.570 with resistance at 111.910 which both lines are below the weekly pivot point at 112.110. The EMA of 10 is moving with bearish bias in the descendant channel but it is below the EMA of 100 and above the EMA of 200. The RSI is falling towards the oversold area, the Stochastic is moving in low ranges and the MACD indicator is in negative territory. The ADX is showing sell signals. Short positions are recommended towards 111.45. https://fxglory.com/usdjpy-analysis-for-16-10-2017/