Technical analytics

USDJPY market technical outlook

USDJPY

 Daily chart:

Yesterday bulls were able to engulf bearish inside bar. Therefore despite a very strong resistance 109.38 (upper Bollinger band) we can assume, that the major will advance higher in direction 110.00.

Additional argument is very strong trending pressure of ADX indicator in favor of buyers.

H4-chart:

Break of upper Bollinger band is recorded being a signal of upward tendency continuation. Thus we can consider longs from middle Bollinger band (109.07).

H1-chart:

Intraday trending dynamics of ADX indicator is not so tangible, therefore the main phase of the quotes’ growth from support 109.07 most likely will take place after weekend. Resistance 109.42 might prove to be an unbreakable barrier.

Expectations:

Pullback towards 109.07 and then growth to 109.42.

Trading recommendations:

Longs from 109.07 to 109.42.

 

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