Open trading account 
Today, the pair USD/JPY has opened trading day with the gap down by 50 points against closing price last Friday. The decline was caused by the failure to reach agreement in Doha last Sunday. Investors now prefer safe-haven currencies, such as the Yen.
The pair fell from the level of 107.75, closely approaching 18-month lows at the level of 107.65, which was reached on 11 April.
However, the price of oil and the pair are corrected at the European session.
On the hourly and 4-hour charts the indicators OsMA and Stochastic are reversing towards the long positions.
Traders do not increase short positions on the pair USD/JPY because of the Japanese government statement that in case of the significant rise in the Yen the Bank of Japan can carry out intervention in the currency market.
Although the pair USD/JPY is still in the downtrend on the daily chart, on the weekly chart the price is at the support level of 108.00 (ЕМА200). Interest rate decision by the ECB on Thursday will have a strong impact on the market, including the pair USD/JPY.
If breakout of the level of 108.00 takes place, it may be only short-lived due to the positions of the Bank of Japan and Japanese government. If the price rebounds from the level of 108.00, the nearest target can be the level of 111.40 (ЕМА 144 on the weekly chart) or 112.20 (Fibonacci 23.6%).
Support levels: 108.00 and 117.65.
Resistance levels: 109.15, 110.00, 111.00, 111.40 and 112.20.
Trading tips
Sell Stop 108.10. Stop Loss 108.50. Take-Profit 107.65, 107.00.
Buy Stop 108.80. Stop Loss 108.30. Take-Profit 109.00, 109.15, 110.00, 111.00, 111.40, 112.00, 112.20.
have a nice trade
The pair fell from the level of 107.75, closely approaching 18-month lows at the level of 107.65, which was reached on 11 April.
However, the price of oil and the pair are corrected at the European session.
On the hourly and 4-hour charts the indicators OsMA and Stochastic are reversing towards the long positions.
Traders do not increase short positions on the pair USD/JPY because of the Japanese government statement that in case of the significant rise in the Yen the Bank of Japan can carry out intervention in the currency market.
Although the pair USD/JPY is still in the downtrend on the daily chart, on the weekly chart the price is at the support level of 108.00 (ЕМА200). Interest rate decision by the ECB on Thursday will have a strong impact on the market, including the pair USD/JPY.
If breakout of the level of 108.00 takes place, it may be only short-lived due to the positions of the Bank of Japan and Japanese government. If the price rebounds from the level of 108.00, the nearest target can be the level of 111.40 (ЕМА 144 on the weekly chart) or 112.20 (Fibonacci 23.6%).
Support levels: 108.00 and 117.65.
Resistance levels: 109.15, 110.00, 111.00, 111.40 and 112.20.
Trading tips
Sell Stop 108.10. Stop Loss 108.50. Take-Profit 107.65, 107.00.
Buy Stop 108.80. Stop Loss 108.30. Take-Profit 109.00, 109.15, 110.00, 111.00, 111.40, 112.00, 112.20.
have a nice trade
