JPY Trading Outlook (17-04-2014)

USD/JPY: After six straight failed attempts to push the pair lower, bears finally gave up and the USD/JPY finally pushed back above 102 with the help of recovered Nikkei. USD/JPY has run into the daily cloud base and the 38.2% of the April wide by 102.39 today. The cloud base drifted up to 102.48 next week and stops are noted above 102.50. Limited pullbacks gave confidence to the bulls, daily Tenkan & 50% of the April slide are by 102.73, with the Kijun at 102.67.

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