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    USD/JPY Wave Analysis for April 24, 2012

    This session is bearish for the US dollar, as the FOMC had some dovish words regarding the economy in the United States. On the daily chart, we're currently watching a breakout at the support level of 93.02, which can push the USDX to reach the 93.02 level in the medium term. Don't forget that we're still bullish on this instrument.

    USDXDaily.png

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    At the session on Wednesday, the USDX failed to get consolidated above the 200 SMA on the H1 chart. Currently, this instrument is trying to fall to the support level of 93.62, but it will happen only when the USDX does a bearish consolidation below the 94.02 level in the coming hours. The MACD indicator is still on the negative territory.

    USDXH1.png

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    Daily chart's resistance levels: 94.18 / 95.45 Dailychart's support levels: 93.02 / 92.40 H1 chart's resistance levels: 95.16 / 95.57 H1 chart's support levels: 94.87 / 94.38
    Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 94.02, take profit is at 93.62, and stop loss is at 94.42.

    Alexander Dneprovskiy neemt deel aan de "Analyst of the Year" onderscheiding georganiseerd door MT5.com portal. Als u zijn artikel goed vindt, stemt u dan op hem.

    Uitgevoerd door, Analytische expert
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