Technical analytics

USDJPY market technical outlook

USDJPY

 Daily chart:

Bearish inside bar was formed from strong dynamic resistance 109.31 (upper Bollinger band) yesterday, which can be considered a potential trigger for new drop of the quotes. The first target of sellers apparently will be middle Bollinger band (108.67).

H4-chart:

Steep upward pullback right now is testing resistance level 109.10, that looks like dumping of unwanted players from the positions. If it’s so - the price might fall in the same steep mode from current levels (or after retest of resistance 109.31).

Mid-term target of decline is 108.32 (lower Bollinger band).

H1-chart:

On hourly chart there is an evidence of bullish momentum falseness: we see, that growth of the quotes goes on the back of ADX readings decline. Thus we can expect continuation of decline from resistance 109.11 in direction 108.32 and 108.10.

Expectations:

Decline from current levels to 108.32 and 108.10.

Trading recommendations:

Shorts from 108.32 to 108.10.

 

New articles