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    Technical analysis and trading recommendation for USDX and USD/JPY for April 30,2015

    Yesterday, we didn't get any signal from the Federal Reserve after the FOMC meeting. The March strong tone was missed in April. Labour market conditions improved in March but it was moderated in April. Economic growth was moderated in March and slowed in April. The US announced the GDP in the Q1 2015 was 0.2% compared to 2.2% in the Q4 2014. Literally, the US economy has stalled. The USDX drifted to the 100Dema 94.60. In case the price closes below 94.60, bears can challenge 93.80 and 93.20. On the up side, 96.17 acting as strong ceiling. The index was capped at 100.00 mark for the near term. At yesterday's session, we advised 94.66 to be the last hope for bulls. The index made a low at 94.68 and closed at 95.10. Today, the index is trading in green zone.USD/JPY

    Japanese factory output was released within the Asian session today. The readings were far below expectations printed at 0.3%. The Japanese factory output data interlinked with the China and US economy. Both economies have been struggling.

    Technical view: The pair made the double bottom between 118.30 and 118.54. The 100Dema is found at 118.20 moved from 118.00 to 118.20. Ahead of the BOJ monetary policy, JPY is trading higher against USD. In case the price breaks below 118.50, it can get up to 118.30. In case the price closes below 100Dema 118.20, bears can challenge 117.20 and 116.50 in the near term. The strong resistance is seen between 119.30 100Dsma, 119.50 20Dsma, and 119.85 50Dsma. In the four-hour chart, we can observe head and shoulder pattern formation. Bulls' last hope is found at 118.20. We have been recommending buying on dips. This view will erase if 118.20 was taken off and reverse the trade for the given downside targets. The trading pattern is framed between 119.45 and 118.20. Intraday support is found at 118.60 below this mild support is found at 118.54 and 118.30.We recommend intraday selling below 118.50 with small targets at 118.30, 118.00, and 117.90. In case the price closes below 118.20, bears can challenge 117.20, 116.80, and 115.80.


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