Monthly reviews

USDJPY market technical outlook

USDJPY

Analysis method - “Trend Potential”

October 1, 2018


Monthly chart:

The major shows moderate bullish pressure in direction of upper Bollinger band (115.26), where the resistance resides, that saves from probable rally in direction 118.62 and 123.05. Thus, after touch of the 115.26 level, we can expect downward correction.


Expectations:

Main scenario: Testing of the 115.26 level and then downward pullback in direction 111.00.

Alternative scenario: Breakout above 115.26 and further growth in direction 118.62.

Trading recommendations:

  1. Longs towards 115.26.

  2. Search for probable sell signals at the 115.26 level.

  3. Longs towards 118.62 (in case of break above 115.26).