USD/JPY Forecast April 12, 2017, Technical Analysis

USD/JPY daily chart, April 12, 2017

The USD/JPY pair had a very negative session on Tuesday, breaking below the 110 level. It now looks as if we’re going to grind our way down to the 61.8% Fibonacci retracement level, which is 108. It isn’t necessarily can be the easiest trade today, and it isn’t necessarily going to be smooth, but it appears that the sellers are in control with so many concerns around the world geopolitically, that should be enough to continue the momentum to the downside. Rallies this point are probably going to be selling opportunities until we break well above the 200-exponential moving average.

Written by FX Empire