Forex Technical Update
The USD/JPY continues to trade lower after consolidating at channel support. The consolidation was very flat, and ended 4/13. The 4/16 session showed further slide below the previous week's low near 80.50. Then after rallying a bit in the European session, the USD/JPY is sliding sharply to start the 4/16 US session.
The 1H RSI shows persistent bearish momentum as it remains below 60 with ability to tag 30.
Moving averages in the 1H time-frame are aligned to the downside.
The daily chart shows that we the pair is challenging the bullish momentum established by the 76.03-84.16 swing. The daily RSI reading is at 40, and if the USD/JPY is to remain bullish, it should not push below 40, or if it does, there should be a very quick pullback.
Fan Yang CMT is the Chief Technical Strategist, trader, educator and a of the main contributors to FXTimes - provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.
Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.