The USDJPY pair on Wednesday rallied from an intraday low level of 106.60 and was being supported by a strong recovery in the US equity markets. How is the Pair trading at the moment? Gain insight into this 5 April USDJPY Technical Outlook.
5 April, OctaFX – The U.S dollar continues to move higher against the Japanese yen currency, following better than expected U.S jobs data and a rebound in global equity markets.
USDJPY Pair Intraday Bullish Above 106.60
The USDJPY pair currently trades close to the 107.00 level, after finding strong dip-buying demand from then 106.00 support level on Wednesday. Traders now look to key break-out resistance at the 107.28 level, while stronger global equity markets may support a move into riskier asset classes.
5 April USDJPY Technical Outlook
If the USDJPY pair retains its bullish bias while trading above the 106.60 level, key technical resistance is then found at the 107.28 and 107.69 levels.
A move below the 106.60 level may support downside pressures on the USDJPY pair, with sellers pushing price-action back towards the 106.45 and 106.30 levels.
This article about 5 April USDJPY Technical Outlook 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.