USD/JPY analysis for April 12, 2019

Posted On 12 Apr 2019

USD/JPY has been trading upwards as we expected. The price tested the level of 111.95. We are expecting more upside on this currency pair.

According to the daily time-frame, we found that the neckline at 111.82 from the inverted head and shoulders pattern got broken, which is sign that demand is in control. To confirm even more the breakout, we would like to see USD/JPY to trade at 112.30 before we buy. Support level is seen at the price of 110.85.

Trading recommendation: We are watching for buying USD/JPY if price trades above 112.30. Projected target is set at the price of 113.90.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: USD/JPY analysis for April 12, 2019

About the Author

InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support