Technical analytics

USDJPY market technical outlook

USDJPY

Daily chart:

Potential of upward phase of the pair’s movement, which was triggered by bounce off support 106.74, so far is limited by resistance 107.66 (middle Bollinger band). It’s indicated by long-lasting correction of ADX indicator.

H4-chart:

We note local zones of support/resistance 107.00-107.06/107.43-107.66. Here we also can make a conclusion about low probability of movement above the 107.66 mark. 

H1-chart:

Intraday state of ADX points to a weak market potential. Thus switch to a flat may take place at local resistances 107.27 and 107.43.

Expectations:

Flat in the 107.06-107.43 range.

Trading recommendations:

Short-term trades in the 107.06-107.43 channel.

 

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