Technical analytics

USDJPY market technical outlook

USDJPY

Daily chart:

The major apparently will switch to flat for a while and main events will flow around middle Bollinger band (108.42). This is indicated by falling potential of ADX indicator.

H4-chart:

Resistance zone 108.38-108.42 (middle Bollinger band) might play the key role for further situation today. We can get either a new downward wave from here (and there are premises for that, break of lower Bollinger band, for instance) or bulls will manage to break this zone and climb to the upper Bollinger band (108.90-109.08).

H1-chart:

On hourly chart we can observe strong trending bullish ADX suggesting high probability of break of 108.42, that might drive to impulse movement towards 108.85-109.00.

Expectations:

Main scenario: Growth towards 108.85-109.00.

Alternative scenario: Downward reversal from 108.42.

Trading recommendations:

  1. Longs towards 108.85-109.00.

  2. Shorts from 108.42 (only in case of getting confirmation).

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