Technical analytics

USDJPY market technical outlook

USDJPY

Daily chart:

Downward reversal is being formed from the area of dynamic resistance 109.000-109.256 (upper Bollinger band). Thus the closest targets for probable sell-offs are 108.605 and 107.498 (middle and lower Bollinger bands). 

H4-chart:

Locally the major shifted to technical downward correction already, which so far is limited by support zone 108.605 (middle Bollinger band).

H1-chart:

Short-term market is being held by the 108.892 level (lower Bollinger band), but in general it’s obvious that here we have bearish accumulation and switch to reversal pattern Head and Shoulders. Decline targets reside at 108.605 and 107.950, but probably we’ll see them tomorrow.

Expectations:

Main scenario: Flat in the 108.892-109.000 range.

Alternative scenario: Decline towards 108.605 and 107.950.

Trading recommendations:

Shorts from 109.000 to 108.605 and 107.950.

 

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