USD/JPY analysis for April 17, 2019

USD/JPY has been trading upwards. The price tested the level of 112.15 but It got rejected. We are still expecting downside on the USD/JPY

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According to the M30 time-frame, we found that there is the fake breakout and strong reaction from sellers at the 2-day high at the price of 112.07, which is sign that buying looks very risky. Most recently, we found the intraday bearish flag pattern in creation, which confirms potential downward movement in the next period. Support levels are seen at the price of 111.84 and 111.76

Trading recommendation: We are short on the USD/JPY from 112.00 with target at the price of 111.76. Protective stop is placed at 112.20

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