Trade n Trend

Home » Daily Technical Reports » USD/JPY Today Technical Report 28/04/2016

USD/JPY Today Technical Report 28/04/2016

USD/JPY plunged more than 2% after the BoJ decision to keep its monetary policy unchanged, against market expectations for further easing. The pair broke three support lines in a row, only to find some buy orders near the 108.75 (S2) zone. At the time of writing, the pair reversed some of its losses to trade just above the 109.25 (S1) support area but I would expect the bears to gain control again and push the pair below that hurdle. A break of that level could target initially the 108.75 (S2) support line, and a decisive dip below the latter is likely to push USD/JPY towards the 107.80 (S3) territory. Given that central bank decisions effect could last for a while, I would expect the near-term bias to remain negative.

28 YEN

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: