Technical analytics

USDJPY market technical outlook

USDJPY

Daily chart:

Downswing has covered too long distance already, therefore market might get an upward correction to 106.05. Right now bears are trying to settle below the round level 105.00, therefore in case of a break they’ll look in direction 104.50.

H1-chart:

Local downward structure is forming another trending swing. We expect a break of support zone 104.93-104.95 and decline to 104.50.

Conclusions:

Decline to 104.50 and then switch to upward correction, which can quite reach the 106.05 region.

Trading recommendations:

  1. Shorts to 104.50.

  2. Longs from 104.50 to 106.05.