TECHNICAL DAILY OUTLOOK - USDJPY 21st of April
EYES ON 119.160
As I wrote on Yesterday Outlook, a strong bullish break out of the 118.550 level would encourage bulls to regain the weekly lows trendline around 119.50.
Confirming the accuracy of this view, 119.40 was broken during late USA session and 119.50 has been hit this morning.
The possible scenarios for this beginning of week are 2:
- confirmation break out of the 119.160 level (now support) will encourage bulls to regain the weekly lows trendline (see Daily chart below) around 119.850 and, eventually, to move prices up to 120.350
- no more attempts to support USD/JPY upon 119.160 (or around 119.40 resistance level) will lead to a bearish continuation down to 118.550 re-test area.
Author: Simone Ambrogio
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