Technical analytics

USDJPY market technical outlook

USDJPY

Daily chart:

Smooth recovery of american dollar quotes is in progress, though tone of the growth is solely corrective. 

Nevertheless in case of move to the upper Bollinger bands bulls will be aimed at 108.53.

H4-chart:

Local ADX resides in a weak zone, therefore there is a probability of potential accumulation inside upper Bollinger bands (107.23-107.66).

Correspondingly scenario of further might be considered in case of break of upper band (resistance 107.66).

H1-chart:

Intraday ADX readings fall, that speaks for flat inside hourly upper Bollinger bands (107.45-107.66).

Expectations:

Main scenario: Flat in the 107.45-107.66 range. 

Alternative scenario: Break above 107.66 and further growth in direction 108.00.

Trading recommendations:

Longs from 107.45 to 107.66 and 108.00.

 

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