Technical analytics

USDJPY market technical outlook

USDJPY

 Daily chart:

The major approaches to resistance zone 108.951-109.242, from where we can expect a start of new downward wave.

H4-chart:

We note two strong local resistance zones: 108.900-108.951 and 109.242. Short-signals formed at these zones will have high chances for execution.

H1-chart:

On hourly chart there are already signs of upward movement faltering, therefore here we also can expect downward reversal from any of strong levels.

Expectations:

Main scenario: Touch of 108.951 and then downward reversal in direction 108.323.

Alternative scenario: Break to 109.242 and then downward reversal in direction 108.323.

Trading recommendations:

Shorts from 108.951 and 109.242.

 

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