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USDJPY Daily Forecast: April 05

Tuesday, April 4, 2017 17:41
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(Before It's News)

USDJPY Forecast
The USDJPY attempted to push lower yesterday bottomed at 110.26 but closed higher at 110.73. Price formed another “hammer” formation after a rejection to break below 110.10 key support as you can see on my daily chart below suggests an intense struggle between buyers and sellers around that key level. The bias is neutral in nearest term probably with a little bullish bias testing 111.30. A clear break and daily close back above that area would expose 112.00 or higher. On the downside, a clear break and daily close below 110.10 would expose 108.50 region this week and establish a longer term bearish trend with 111.30 – 112.00 as key resistance. Fundamental focus this week will be on the FOMC meeting minutes and US NFP number which expected to be a catalyst to move the market.



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