USDJPY Intraday Technical Forecast


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.

Disclaimer

This article about 18 April USDJPY Intraday Technical Forecast was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

Also, speculative trading is a challenging prospect, even to those with market experience and an understanding of the risks involved.

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