13:01, 17 avril
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.