JPY Trading Outlook (18-04-2014)
USD/JPY: The pair got past the 38.2% of the April range that capped prices at 102.38. The pair was already above 102 and rising into the NY open after the o/n slide to the 100-HMA, partly inspired by Yellen’s dovishness late Wed and the confirmed Japanese govt downgrading of its economic assessment for the first time since 2012. The daily cloud is at 102.48, while the cloud top at 103.10 is by the 61.8% of the April range and key resistance.
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