FX.co ★ Daily analysis of USD/JPY for April 24, 2017

Overview

The USD/JPY pair began today's trading with a strong bullish gap that pushed the price to breach 109.30 level. Trading above this level will lead the price to test 111.65 level mainly. Now, we believe that the price will head to cover the mentioned gap and targets 109.10 levels initially. Breaking this level will confirm the return to the main bearish track. Please be aware that today's close above 109.30 will stop the negative scenario and push the price to 111.65 before any new attempt to decline. The expected trading range for today is between 109.00 support and 110.70 resistance.