USD/JPY - Tries to Recover the Gap-Up - Bullish Move is Expected - 04/25/2017 (GMT)

The U.S. dollar affected also by the France vote the last days and push the USD/JPY pair at 110.60 resistance barrier as it opened with a gap to the upside. The pair is still developing within a descending move but it’s been a long time when it hit the downtrend line which is standing since December 2016.

The currency pair surpassed the 200-daily SMA and met our recommended target at 110.10 (see technical analysis here: http://bit.ly/2pimcdT) but ended the day lower. Now, the pair is trading slightly higher and if there is a run above the 20-days high, 110.60, we would see a run towards the 50-daily SMA, near 111.60. The RSI indicator challenged the 50 level and is trying to move higher whilst the MACD oscillator had a bullish crossover with its trigger line but is still holding below the neutral level.