Daily analysis of USD/JPY for April 21, 2017

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Overview

The USD/JPY pair fluctuates around the rising wedge’s resistance that confines the recent trading. The EMA50 keeps pushing the price negatively, while Stochastic shows clear negative signals on the four-hour time frame. Therefore, the bearish trend scenario will remain valid for the upcoming period, and a break of 108.60 levels will ease the mission of heading towards our next target at 106.63. A breach of 109.30 will lead the price to test the key resistance at 111.65 on the near-term basis. The expected trading range for today is between the 108.00 support and the 109.90 resistance.

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