Daily analysis of USD/JPY for April 20, 2017

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Overview

The USD/JPY pair returns to test the 109.00 barrier again. Please note that the recent trading has been confined within a potential rising wedge pattern. So, the price is under the negative pressure that is formed by the EMA50, while stochastic loses its bullish momentum clearly. Therefore, we believe there are still chances for resuming the main bearish trend, affected by the previously completed double top pattern. The pair is likely to head for 106.63 as the next main target. Another thing, please be aware that breaching 109.30 level will stop the suggested decline and push the price up to 111.65 directly. The expected trading range for today is between 108.00 support and 109.40 resistance.

The material has been provided by InstaForex Company – www.instaforex.com
Source: Forex Review