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USD/JPY Today Technical Report 15/04/2016

USD/JPY broke above the downtrend line taken from the peak of the 29th of March on Wednesday. On Thursday, it traded in a consolidative manner slightly above the 109.00 (S1) line and today during the Asian morning, it moved somewhat higher. The pair now looks to be headed for a test at the psychological barrier of 110.00 (R1), where a clear break could open the way for the 111.00 (R2) zone, the lower bound of the sideways range the rate has been trading from the beginnings of February until the 5th of April. Our short-term momentum studies detect upside momentum and support the case for further advances. The RSI rebounded from slightly above its 50 line, while the MACD stands above both its zero and trigger lines and points north. As for the bigger picture though, I still believe that the longer-term trend is to the downside. As a result, I would treat the recent recovery, or any possible extensions of it, as a corrective move for now.

USDJPY 15

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