News:
Oil price falls to historic low due to coronavirus. The US oil market collapsed into negative pricesfor the first time as North America's oil producers run out of space to store an unprecedented oversupply of crude left by the pandemic. However, Trump has downplayed the oil price drop, saying it's only "short term".
Technical analysis:
USD/JPY has been trading downwards most recently. The price tested the level of 107,30. Anyway, based on the 30M time-frame, I wound that sellers got exausted and that we might see rally in hte next period.
Trading reccommendation:
Watch for potential buying opportunities due to oversold condition on intraday frames. I see potential for the rise towards the levels sat 107,70 and 107,80.
MACD oscillator is still showin negative reading but the slow line did start to turn to the upside, which is positive sign.
Resistance levels and potential upside objectives are set at the price of 107,70 and 107,80.
