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Home » Daily Technical Reports » USD/JPY Today Technical Report 29/04/2016

USD/JPY Today Technical Report 29/04/2016

USD/JPY continued collapsing on Thursday following the BoJ policy rate decision, breaking three support lines in a row. During the early European morning Friday, the pair hovers just above the 107.15 (S1) support line, and a break below it is likely to push the pair towards our next support at 106.30 (S2), taken from the lows of the 21st of October 2014. Our short-term indicators support this notion. The RSI hit resistance at its 30 line and turned down again, while the MACD, already negative, shows signs of topping and could fall further. As for the broader trend, the break below the 107.80 (R1) support-turned-into-resistance zone printed a lower low on the daily chart and signaled the continuation of the longer-term downtrend, in my view.

YEN 29

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