Technical analytics

USDJPY market technical outlook

USDJPY

Daily chart:

A bearish pin might be formed at the peak of upswing by the end of today’s session. In case the day closes the way we see now, traders will get a tangible sell signal for tomorrow. Decline of the quotes is unlikely below the strong support zone 105.08-105.19 so far.

H1-chart:

Optimal zone for short trades now appears resistance 105.66-105.72. It’s here we have a promising offer area formed by bearish pattern Over&Under. Thus we expect reaching this zone by bullish swing followed by a downward reversal in direction 105.33.

Conclusions:

Growth to 105.66-105.72, then decline to 105.33.

Trading recommendations:

Shorts from 105.66-105.72 to 105.33.

 

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