USD/YEN Update – 24/04/2017 (11:05am) – by Arjun Lakhanpal

USD/YEN Update – 24/04/2017 (11:05am): USDJPY gapped higher on the open following Macron and Le Pen’s progression into round 2 of the French presidential elections. The market’s sigh of relief was palpable after the polls proved accurate and currently register a Macron win over Le Pen of ~60-40%. USD/JPY’s near term outlook is positive on the charts now. USD/JPY is seeing an effort to recover from its current April low at 108.13 which was made close to the 55 week and 200 day moving averages. We should see a rally towards the 111.35/59 area, made up of the November 28 low, February low and the current April high. The next higher 55 day ma at 112.05 also remains in focus. Only above 115.62 would we look for a challenge to the key resistance offered by the 16 month resistance line at 117.14. Below 108.13 will target 107.50 July 2016 high.