Technical analytics

USDJPY market technical outlook

USDJPY

 Daily chart:

Currency pair is testing the mighty mid-term support zone 105.08-105.29, which is a key and defining area for probable scenarios of decline (red arrow) or reversal in direction 106.47-106.50 (black arrow). Both scenarios have equal chances, therefore traders should get the reaction on this zone. 

H1-chart:

Local downtrend doesn’t cast any doubts so far. The pair is forming upward technical correction, which development potential so far is capped by the pivot-zone 105.54-105.60. We can consider short trades from this zone in direction 105.00-105.24 today.

Conclusions:

Growth to 105.54-105.60, then decline in direction 105.00-105.24.

Trading recommendations:

Shorts from 105.54-105.60 to 105.00-105.24.

 

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