The USD/JPY pair broke its overnight consolidation phase at Tokyo open and jumped sharply beyond the 107 handle, mainly driven by the risk-on rally in the Japanese stock markets. What more does this 18 April USDJPY Intraday Technical Forecast discuss?
18 April, OctaFX – The U.S dollar has regained upside momentum against the Japanese yen currency, as a peace deal between North and South Korea and rising global stock markets help to lift market sentiment.
The USDJPY pair currently trades around the level 107.30 level, after hitting a new weekly price-low of 106.88, on Tuesday. Traders continue to look to the 107.30 level for intraday direction, with medium-term USDJPY dip-buyers now starting to emerge.
18 April USDJPY Intraday Technical Forecast
The USDJPY pair is only bearish while trading below the 107.30 level, key weekly support remains at the 106.88 and 106.60 levels.
If the USDJPY pair maintains price-action above the 107.30 level, buyers may be encouraged to retest towards the 107.48 and 107.77 resistance levels.
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