TRADERS POINT OF REFFERENCE

2 April 2016, 15:34
David Joseph
0
24
USD/JPY

Technically, the trend remains bearish in the daily chart as far as 114.00/50 zone is intact, and prices remain stuck inside a consolidation triangle, which keeps our outlook flat with a light preference to the downside as per the daily trend.

In addition, we saw a strong rejection from 113.80resistance as it represents the pre-FOMC high. As of now, the upper side of the bearish triangle remains intact and the psychological resistance of 114.00 continue to act as a strong barrier. For today, we continue to watch 112.30 support level carefully, as it represents a strong level in the hourly chart and a break below it, should trigger a new sell-off towards 111.60/40 zone.

Support: 112.30-112.15-111.40

Resistance: 113.80-114.25-114.50
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