Technical analytics

USDJPY market technical outlook

USDJPY

 Daily chart:

Pair is being traded down inside lower Bollinger bands. We expect touch of support 108.22, where buyers can regain control and reverse the trend.

H4-chart:

Locally support-zone 108.22-108.30 can be also well seen, but here we have strong pressure of ADX indicator, therefore we have to admit, that there is a threat of break and further fall (red arrow). Thus 108.22-108.30 is a key zone.

H1-chart:

On hourly chart we can notice the signs of bullish convergence of RSI oscillator, therefore scenario with upward bounce off 108.22-108.30 will be the main.

Expectations:

Main scenario: Decline towards 108.22-108.30 and then upward bounce.

Alternative scenario: Break of support 108.22 and drop to the 107th figure.

 

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