Technical analytics

USDJPY market technical outlook

USDJPY

Daily chart:

The major switched to upward phase after touch of 108.27 region (lower Bollinger band), therefore there is a probability of further recovery of the quotes in direction of upper border of the range (109.56).

H4-chart:

Right now round resistance level 109.00 is being tested, which is a key mark for scenarios of further growth or downward reversal.

In the first case the target will be 109.56, in the second one - 108.27.

H1-chart:

Extremely low activity of ADX indicator speaks for flat scenario during today’s trading session. The range may not exceed the scope of Bollinger bands (108.73-109.00).

Expectations: 

Flat in the 108.73-109.00 range.

Trading recommendations:

Short-term trades in the 108.73-109.00 channel.