USD/JPY 98.94 - 5 May

USD/JPY Open 98.82 High 99.55 Low 98.62 Close 98.78

In March Dollar/Yen consolidated after the sharp rise a month earlier, and the risk of another downward wave remains high. Last week the currency couple consolidated, realizing the practical implementation of the technical targets of making double bottom. On the weekly chart USD/JPY closed the week virtually unchanged, forming convergence, and ran out of steam, unable to close above 98.60. This carries a risk of a new wave of sales of the currency pair. On the daily chart a divergence is formed, which may signal for turning in downward direction. Strengthening under the 99.40 support will signal for potential reduction. Going back above 100.75 could provoke growth.

Technical resistance levels: 99.55 100.60 101.75

Technical support levels: 98.60 97.65 96.45

Trading range: 99.80 - 99.45

Trend: Upward

Buy at 98.94 SL 98.64 TP 99.34

Already made +10 pips profit on USD/JPY today from the following signal:

5:47 GMT+1 Sell USD/JPY at 98.77 SL 99.03 TP 98.27 exited at 5:56 GMT.

Total today +146, yesterday +114, as shown at