13:01, 17 April

USDJPY Daily Analysis

The  USDJPY  pair  traded  lower  in  the  previous  session  and  closed  at  107.12,  after  notching  a  low  at  107.04.  Although  the  dailyMACD  is  heading  towards  the  north,  the  RSI  and  stochastic  indicators  are  pointing  downwards,  indicating  at  a  weak  technical outlook. Additionally, a possible centreline crossover by the 4H MACD to enter its negative region, coupled with the 8H stochastic indicator  placed  in  its  oversold  territory,  further  affirms  the  above  stance.  Key  technical  support  is  situated  at  the  8H  lower Bollinger band (currently placed at 106.65), followed by the 4H 200SMA (currently trading at 106.34/30) and the 106.04/106.00level. A breach below the latter might trigger further weakness in the pair. On the bright side, crucial resistance is placedatthe 4H 20SMA (currently trading at 107.28/30), followed by the 8H upper Bollinger band (currently placed at 107.63/65) and the 107.90 level. A sustained break above the latter might lead to positive momentum in the pair.