22.04.201506:17 Forex Analysis & Reviews: Technical analysis and trading recommendation for USD against CAD & YEN for April 22, 2015

Ahead of the next week's FOMC meeting on April 29, the greenback found mild support at 50Dsma. The USDX 50Dsma lies at 97.00 and 20Dsma is seen at 98.00. Probably, the double bottom was placed at 96.17 and 96.33. Concerns over the Greek issue added a new factor into the bullish view on USD. The euro is likely to remain under pressure on the back of growing concerns about Greece as no agreements between Greece and its creditors had been reached. The Eurogroup's meeting is scheduled for April 24. At today's Asian session, the index faced strong resistance at 98.15 34hrsma and 98.70 on the four-hour chart. Today, traders eye on home sales. Readings were not in line with expectations for five consecutive months. The USDX is likely to remain under selling pressure, until the price closes below 98.70. On a positional basis, the USDX favors buying on dips with the sl 97.00.

USD/JPY

Japan recorded trade surplus for the first time in 4 years. The US dollar is trading at 119.60 at Wednesday's Asian session, compared to 119.78 at the start of the day. The pair rejected at 50Dsma 119.80. We recommend fresh buying above 119.80 with targets at 120.00, 120.20, and 120.30 at today's session. We have been recommending buying on every dip with sl 118.00. The pair changed its direction from 118.54. Probably, the double bottom was formed between 118.33 and 118.54. The nearest support is seen at 119.60 20Dsma and 119.20 100Dsma. Bulls need it to close above 119.85 to regain their strength. We are bearish only below 118.00 with targets at 117.15, 115.50, and 114.50. We still recommend buying on dips. The weekly trading pattern framed between 119.80 and 118.00. A breakout is likely to provide more room for trading. Those who followed my buying recommendation can move their trailing sl at 119.20 from 118.00. If we stop out, we will buy on a minor dip again.

USD/CAD

The pair extends gaining for the third consecutive day. After a steep fall in prices, the pair has been forming minor base between 1.2180 and 1.2190 within last three days. The 100Dema was found at 1.2218. Parallel resistance is found at Friday's high of 1.2271, 1.2290 20Wsma, and the previous support base at 1.2350. Until the price closes below 1.2350, the bearish view remains in play. In case the price closes above 1.2290 and 1.2350, we will reanalyze the charts. Parallel resistance is seen at 1.2330. At yesterday's session, we recommend buying above 1.2275 with targets at 1.2290, 1.2320, and 1.2340. The pair made a high at 1.2306 rejected at 34hrsma. Strong resistance is seen at 1.2350. Until the price closes above 1.2350, use every rise to sell. Intraday support is found at 1.2250, 1.2215, and 1.2200. We recommend selling below 1.2260 and strong selling will emerge below 1.2200. Buy above 1.2310 with small targets at 1.2330, 1.2350, and even 1.2380.