Weekly Technical Outlook: USD/JPY; Market Forecasts for April 24th – April 28th

• Resistance level 111.085, 112.131, 112.824
• Pivot Level 109.090
• Support Level 108.411

Technical Analysis

The USD/JPY pair closed weekend trading above 108.411 levels. Being in a down trend since March, the pair gets a good support base that reinforces the expectations of continuing the bullish bias from the downside movement which is in place for quite some time now as seen on the chart.

The pair provides signals for the price recovery in the upcoming days, which is supported by stochastic positivity and appears clearly oversold on the daily time frame and rises above 19.0 levels.

The pair remains bullish for the moment with pair trading on rebound after testing barriers and that makes the trading settle now at the support area. The pair has made an upward move as we can see some consolidations with bullish momentum and two bar reversal.

Further rise is expected from current levels on the new found support area. With the beginning of the new trend and the first main target located at 111.085, a break in this level besides holding above it will push the price to being bullish for its next target located at 112.31 levels.

Economic

• Chicago Fed National Activity Index, FOMC Member Kashkari Speech, New Home Sales
• Initial Jobless Claims, Goods Trade Balance, Durable Goods Orders ex Transportation
• Michigan Consumer Sentiment Index, Chicago Purchasing Managers’ Index
• Leading Economic Index, Coincident Index,
• All Industry Activity Index, BoJ Monetary Policy Statement, BoJ Interest Rate Decision

Area of Interest

• Strong support at 108.411 areas and closed above rebound of trend line.
• Bullish momentum with two bar reversal above the support area.
• Price action closed above rebound of trend line and oscillator rising above 19.0 levels indicating shift in momentum.
• At Flip Area on Daily time frame support levels.

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