Technical analysis USDJPY for 04.04.2022

The Tenkan-sen line is located above the Kijun-sen line. Both lines are horizontal. Confirmatory line Chikou Span is below the price chart. In this case, the cloud turned over from ascending to descending. Instrument is trading above the Tenkan-se and Kijun-sen lines. The closest support is the level 122.300. The closest resistance is the level 123.300

Key levels

• 125.500, 124.125, 123.300, 122.300, 121.525, 120.750, 119.550

Trading scenario

• Recommended opening long positions (Buy Limit) from the level of 122.300, with Take Profit of 123.300 and Stop Loss of 121.525

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 121.525, with Take Profit of 120.750 and Stop Loss of 122.300