Best Opportunities, Vision and Technical Analysis for the USD/JPY pair 16 April 2019
2019-04-16 09:02 am | Resource: Technical Analysis | No Views : 253
Time frame Used - four hours
The USD/JPY is moving in a bullish direction in the near term.
USD/JPY still faces resistance and selling pressure around 112.10 as bulls pushed the USD against the Japanese Yen to hit the resistance level of 112.10 as the USD-JPY faces resistance and selling pressure around this 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.
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.
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.
The fundamental overview
• On the economic data level, industrial activity data will be released on a monthly basis at 4.30 am GMT and Japanese trade balance data will be released at 11:50 GMT.
• On the other hand, the US Federal Reserve's Rosengren will be broadcast at 12 am GMT, in addition to the release of US industrial production data on a monthly basis at 1.15 pm GMT, as well as the release of the US housing market data at NAHB at the full hour 2 pm GMT.
Resistance: 112.10 - 112.50 - 113.05
Support: 111.83 - 111.54 - 111.27
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