The Japanese Yen appreciated slightly against the Dollar during Wednesday's trading session, on 1st April. The pair traded in a range of 120.33-119.31. The price is currently located near 119.60.
Out of macroeconomic releases to be published at the end of the week, US statistics, such as unemployment rates and non-farm payrolls, are worth attention. Positive data on the US currency may change the USD/JPY price dynamics, and the appreciation of the Yen will be a temporary effect against a background of the bullish trend. However, upbeat anticipations may not prove correct as API leading indicator did not live up to expectations dropping to a level of 189 thousand.
Support and resistance
Technically, M10, M20 and M59 moving averages are located above the price chart on H4 chart. M10 and M20 cross and produce a weak signal to sell. Stochastic lines are situated in the medium zone, directed downwards and cross each other, which is a medium signal to sell.
Resistance levels: 119.90 (crossing point of M10 and M20 moving averages), 121.17 (last week's maximum). The nearest support level is at 119.50. A level of 118.45 (last week's minimum) serves as a powerful support level.
Open short positions with a target at 118.45. Opening long positions with exit point at about 121.00 could be an alternative scenario.