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Best Opportunities, Vision and Technical Analysis for the USD/JPY pair 15 April 2019

2019-04-14 10:05 pm | Resource: Technical Analysis | No Views : 254

We offer you the analysis of the US dollar against the Japanese Yen on Monday, April 12, 2019 with the most important expectations for the dollar against the Japanese yen on the market.
Time frame Used - four hours
The USD/JPY is moving in a bullish direction in the near term.
USD/JPY CHART
The purchasing power managed to control the movement of the USD/JPY pair as the bulls pushed the US dollar against the Japanese yen to end the last trading session last week to hit the resistance level of 112.10, where the pair is facing resistance and selling pressure around the level.
In view of the technical indicators
Both the RSI and the Stochastic are indicating to the arrival of indicators in the overbought area.
Therefore, we expect that the USD/JPY will drop to 111.54 - 111.27 levels again, and this scenario fails in case of stability above level of  112.10.
The alternative scenario is that USD/JPY is breaching the level 112.10  to target the levels of 112.50 - 113.05.
Big Picture
Looking at the daily chart, the USD/JPY is able to breach the resistance level of 111.52 to the upside, but it still faces the resistance level around 112.21.
Recommendation
Sell USD/JPY around 112.10 level for targeting levels of 111.54 - 111.27 With the activation of stop loss in case of closure above the level of 112.10.
USD/JPY DAILY CHART
The fundamental overview
• On the economic data level, there is no data or reports with a strong impact on the Japanese yen.
• On the other hand, the New York Manufacturing Index will be released at 12:30 GMT.
Resistance: 112.10 - 112.50 - 113.05
Support: 111.83 - 111.54 - 111.27
Direction: Up
Technical Analysis
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