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28.04.201712:59 Forex Analysis & Reviews: USD/JPY analysis for April 28, 2017

Long-term review

Exchange Rates 28.04.2017 analysis

Recently, the USD/JPY pair has been trading sideways at the price of 111.45. According to the 1H time frame, I found hidden bearish divergence in the background, a symmetrical triangle is being formed. My advice is to watch for a potential breakout of the support to confirm the bearish scenario. The first downawrd target is set at the price of 110.60. I see that USD/JPY is still in the short–term downward trend.

Resistance levels:

R1: 111.50

R2: 111.65

R3: 111.90

Support levels:

S1: 111.05

S2: 110.90

S3: 111.65

Trading recommendations for today: watch for potential selling opportunities.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Petar Jacimovic,
Analytical expert
InstaForex Group © 2007-2021
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