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Technical analysis of USD/JPY for April 06, 2017

USDJPYM30.png

USD/JPY is expected to trade in lower range. The pair broke below the 20-period and 50-period moving averages with strong downward momentum. In addition, the 20-period moving average is turning down and is about to cross below the 50-period one. The relative strength index is bearish and calls for a further downside.

Therefore, as long as 111.05 holds on the upside, a new drop to 110.25 and even to 110.05 seems more likely to occur.

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 110.25. A break below this target will move the pair further downwards to 110.05. The pivot point stands at 111.00. If the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 111.25 and the second one at 111.50.

Resistance levels: 111.25, 111.50, and 111.75

Support levels: 110.25, 110.05, and 109.75

The material has been provided by InstaForex Company - www.instaforex.com

from www.instaforex.com