Technical analytics

USDJPY market technical outlook

USDJPY

Daily chart:

Upswing is in progress showing no signs of dampening and having no serious resistances all the way to 109.33 level.

H1-chart:

Upward structure undergoes trending phase. If we don’t get something extraordinary (and news background is minor today) then a slight correction can be triggered from the round level 108.00 due to profit booking and after that growth in direction 109.33 will be continued. 

Conclusions:

Main scenario: Growth towards 108.00, then pullback to 107.70-107.80 and afterwards growth in direction 109.33 will be resumed (in medium-term).

Alternative scenario: Break of resistance 108.00 and further growth in direction 108.50 and 109.00.

Trading recommendations:

Longs during pullback to the 107.70-107.80 zone with targets 108.50, 109.00. 109.33.