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USD/JPY Today Technical Report 22/04/2016


USD/JPY edged higher during the Asian morning Friday after it hit support at 109.25 (S2). The advance brought the pair above the psychological figure of 110.00 (S1) and now looks to be headed for a test at the downtrend line taken from the peak of the 29th of January. A decisive close above that trend line and the 111.00 (R1) could turn the short-term picture positive and could initially aim for the 112.00 (R2) area. Our short-term oscillators detect accelerating momentum and support the case that USD/JPY could continue higher for a while. The RSI rebounded from 50 and now looks ready to challenge its 70 line, while the MACD, already positive, rebounded from near its upside support and trigger lines. Switching to the daily chart, I still see a longer-term downtrend, but given that there is positive divergence between our daily oscillators and the price action, I would switch to flat for now as far as the medium-term picture is concerned.

JPY 22

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