EUR/USD, GBP/USD, USD/JPY
Weekly Forex Analysis
(April 26 - April 30, 2021)
Hey! This is Philip with our new weekly outlook for EUR/USD, GBP/USD, and USD/JPY.
The below is only a short preview of the post. The complete weekly Forex Analysis is here.
USDJPY Technical Analysis
A few weeks ago, we showed the monthly USDJPY chart to demonstrate its importance within the current context and the resistance at the broader 110.00 area. It seems that thus far, the resistance held, just as we warned. USDJPY broke below the key 109.00 zone and is now back inside the
4-year channel (has been trading in it since December 2016).
If USDJPY closes near current levels, or in any case, below 109.00 is what matters, then it will virtually return inside the 4-year channel. This would be a bearish technical signal on the monthly chart, with implications that 105.00 is the likely next destination for USDJPY.
However, there is still one week to go before April is over, and USDJPY could still make a return above 109.00 in that time, effectively nullifying the move so far back inside the channel. Such a scenario would be significantly bullish for USDJPY from
a technical point of view. It remains to be seen what happens in what could turn out to be an exciting final trading week of April.
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