USD/JPY Forex Technical Analysis – April 25, 2019 Forecast

Based on the early price action and the current price at 111.979, the direction of the USD/JPY is likely to be determined by trader reaction to the short-term uptrending Gann angle at 111.900.
James Hyerczyk
Japanese Yen

The Dollar/Yen is trading lower shortly before the release of the BOJ’s Outlook Report, Monetary Policy Statement and Policy Rate decision. Look for the BOJ to pledge to keep interest rates extremely low for an extended period of time. If policymakers express more pessimism over Japan’s economic strength, then this would send a signal that the next policy change by the BOJ will be further easing. This would be bearish news for the Japanese Yen.

At 03:32 GMT, the USD/JPY is trading 111.979, down 0.028 or -0.18%.

Daily USD/JPY

Daily Technical Analysis

The main trend is up according to the daily swing chart. The uptrend was reaffirmed on Wednesday when buyers took out the previous main top at 112.170. The new main bottom is 111.650. A trade through this bottom will change the main trend to down.

The short-term range is 110.843 to 112.405. Its retracement zone at 111.624 to 111.440 is new support.

Daily Technical Forecast

Based on the early price action and the current price at 111.979, the direction of the USD/JPY is likely to be determined by trader reaction to the short-term uptrending Gann angle at 111.900.

Bullish Scenario

A sustained move over 111.900 will indicate the presence of buyers. If this creates enough upside momentum then look for a drive into another uptrending Gann angle at 112.218. Overtaking this angle will indicate the buying is getting stronger. This could lead to a retest of yesterday’s high at 112.405. Taking out this high could trigger an acceleration to the upside.

Bearish Scenario

A sustained move under 111.900 will signal the presence of sellers. The first target angle comes in at 111.775. If this fails then look for the selling to extend into the main bottom at 111.650, followed by the short-term 50% level at 111.624. Other downside targets include the uptrending Gann angle at 111.531 and the Fibonacci level at 111.440.

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