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USDJPY Technical Analysis on the 4 Hour Time Frame on 6th April 2018

USDJPY TECHNICAL ANALYSIS

Lets look at the USDJPY on the 4 hour time frame.

I have marked up the chart and as you can see the pair has broken above its wide downtrend channel.

Above the 107.0 level, we can expect this pair to continue moving up.

Currently price pulling back and testing the dynamic support EMA 15. If bulls come in at this level, we might see momentum continue to the upside.

The first target on the upside is the 107.680 level. Currently price is at 107.160, a good 50 pips or so potential to the upside.

On the downside, a break and close below 107.00 will bring the bears back in again.

MACD histogram shows bullish pressure. In green and above the zero line.

CONCLUSION

We are bullish on USDJPY as long as it trades above the 107.0 level.

News flows and NFP data coming out today during New York session might bring in some volatility.

We hope that you have benefited from this analysis.

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Have a great trading day ahead!

Ardy Ismail

Lead Currency Strategist / Team Forexachievers

By |2018-04-06T09:03:55+00:00April 6th, 2018|Categories: AUD Crosses, Daily Technical Strategy, YEN Crosses|Tags: |0 Comments

About the Author:

Ardy is a Professional Forex Trader specializing in the Forex market. He trades using both Technical and Fundamental Analysis and mentors other traders how to trade the Forex market using proprietary trading strategies which he has developed over the years. He started investing in equities in 1999 and trading Forex in 2008. He is the founder and lead currency strategist @ Forexachievers.com

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