Trading plan for 18/04/2018 - Forex247

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Wednesday, April 18, 2018

Trading plan for 18/04/2018

Except for some volatility on the USD/JPY pair, the rest of the currency market passed a calm night. EUR / USD stuck at 1.2370, GBP / USD fluctuates at 1.43. You can not see emotions on AUD and CAD. The index rally in Europe and Wall Street encouraged Asian indices to increase. Japanese Nikkei225 grows 1.5% and Chinese Shanghai Composite gains 0.4%.

On Wednesday 18th of April, the event calendar is light in important data releases, but global investors should keep an eye on Consumer Price Index from the UK and the Bank of Canada Interest Rate Decision, Monetary Policy Report and Press Conference later in the afternoon. Two FOMC members will give a speech today as well: William Dudley and Randal Quarles.

USD/JPY analysis for 18/04/2018:

USD / JPY climbed at 107.40 with the only important point of the session in the form of a meeting between US President Trump and the Prime Minister of Japan Abe. Traders are still waiting for a press conference after the meeting, but the market has positive expectations. Earlier, the White House said that Trump was considering a return to the Transposal Agreement, and the US was looking for a free trade agreement with Japan.

Let's now take a look at the USD/JPY technical picture at the H4 time frame. The market is bouncing from the oversold levels towards the lower line of the parallel channel at the level of 107.31. The next technical resistance is seen at the level of 107.48 and the nearest support is seen at the level of 107.20. The momentum keeps hovering around its fifty level so it does not support the bullish outlook for today much. The key technical support is seen at the level of 106.61.

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The material has been provided by InstaForex Company - www.instaforex.com


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