ByLCMS Traders FX Analysis Team
APR 26, 2021
USD/JPY is moving lower for more than two weeks and is currently trading at 107.69 ahead of the European session. The intraday support levels are at 107.60 and 107.32. The near-term resistance areas are at 107.88 and 108.22.
The current price is near the Fibo 38.2% support line, however, considering the intraday charts the pair is likely headed towards the Fib0 50% retracement area. The RSI is at 34 and likely to enter in a further oversold zone. The MACD is below the zero line and favors the bulls while the pair is also below the moving average. The SMA-14 is indicating resistance at 108.65 and the SMA-50 resistance line is at 108.29. Following the intraday and 4-hourly charts, the pair is currently presenting sell opportunities. A decent selling entry would be at 107.90 with a target of 107.40 and a stop-loss at 108.22.
Bulls require an intraday closing above 108.00 to gain some ground and to start building a recovery pattern. Failing to achieve that would strengthen the bears with possibilities of an extended break below 107.00 during this week.
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